ZEGA Investments LLC Raises Stock Position in ServiceNow, Inc. $NOW

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ZEGA Investments LLC raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 157.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 622 shares of the information technology services provider's stock after buying an additional 380 shares during the period. ZEGA Investments LLC's holdings in ServiceNow were worth $495,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its stake in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of ServiceNow by 3.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 287,180 shares of the information technology services provider's stock worth $304,454,000 after purchasing an additional 9,748 shares in the last quarter. Curi RMB Capital LLC increased its stake in shares of ServiceNow by 19.1% during the 4th quarter. Curi RMB Capital LLC now owns 1,525 shares of the information technology services provider's stock worth $1,617,000 after purchasing an additional 245 shares in the last quarter. TD Waterhouse Canada Inc. increased its stake in shares of ServiceNow by 81.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 15,895 shares of the information technology services provider's stock worth $16,842,000 after purchasing an additional 7,146 shares in the last quarter. Finally, J. Safra Sarasin Holding AG increased its stake in shares of ServiceNow by 9.2% during the 4th quarter. J. Safra Sarasin Holding AG now owns 53,705 shares of the information technology services provider's stock worth $56,934,000 after purchasing an additional 4,547 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on NOW shares. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Piper Sandler raised their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Mizuho raised their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Finally, Bank of America raised their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Buying and Selling at ServiceNow

In related news, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the transaction, the director owned 10,891 shares in the company, valued at approximately $11,039,226.51. The trade was a 3.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,038 shares of company stock worth $5,971,973. Corporate insiders own 0.38% of the company's stock.

ServiceNow Stock Up 2.7%

NOW opened at $890.73 on Tuesday. The firm has a 50 day moving average price of $964.30 and a 200 day moving average price of $932.15. The company has a market cap of $185.27 billion, a PE ratio of 112.18, a price-to-earnings-growth ratio of 3.91 and a beta of 0.93. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.13 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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