Itau Unibanco Holding S.A. Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Itau Unibanco Holding S.A. increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 353.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,795 shares of the information technology services provider's stock after purchasing an additional 13,095 shares during the period. Itau Unibanco Holding S.A.'s holdings in ServiceNow were worth $15,021,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOW. Truvestments Capital LLC bought a new position in shares of ServiceNow in the third quarter valued at $30,000. Versant Capital Management Inc raised its stake in ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider's stock valued at $27,000 after purchasing an additional 28 shares during the period. DT Investment Partners LLC raised its stake in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock valued at $35,000 after purchasing an additional 17 shares during the period. Ridgewood Investments LLC purchased a new position in shares of ServiceNow during the 2nd quarter valued at $32,000. Finally, Oakworth Capital Inc. grew its holdings in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider's stock valued at $39,000 after acquiring an additional 14 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NOW traded up $8.19 during midday trading on Tuesday, reaching $1,056.62. The stock had a trading volume of 1,282,994 shares, compared to its average volume of 1,280,072. The firm has a 50 day simple moving average of $968.22 and a 200-day simple moving average of $851.60. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,072.84. The firm has a market cap of $217.66 billion, a PE ratio of 164.33, a P/E/G ratio of 6.02 and a beta of 0.99. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the firm posted $1.21 EPS. ServiceNow's revenue was up 22.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 66 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. This represents a 2.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock worth $20,861,626 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

NOW has been the topic of several research analyst reports. Needham & Company LLC boosted their price target on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a "buy" rating in a report on Monday, November 25th. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,050.00 to $1,150.00 and gave the company an "overweight" rating in a report on Tuesday, November 12th. JPMorgan Chase & Co. upped their price objective on shares of ServiceNow from $820.00 to $950.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Jefferies Financial Group upped their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a "buy" rating in a report on Monday. Finally, TD Cowen upped their price objective on shares of ServiceNow from $900.00 to $1,000.00 and gave the stock a "buy" rating in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $999.07.

About ServiceNow

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.