KG&L Capital Management LLC Buys New Position in ServiceNow, Inc. (NYSE:NOW)

KG&L Capital Management LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the first quarter, Holdings Channel.com reports. The fund purchased 1,138 shares of the information technology services provider’s stock, valued at approximately $906,000.

Several other hedge funds have also made changes to their positions in the business. Quarry LP purchased a new stake in ServiceNow during the 4th quarter worth approximately $27,000. Atala Financial Inc purchased a new position in ServiceNow in the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow in the fourth quarter worth $32,000. Noble Wealth Management PBC purchased a new stake in shares of ServiceNow during the fourth quarter worth $34,000. Finally, Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other news, Director Deborah Black sold 598 shares of the business’s stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the transaction, the director now directly owns 428 shares in the company, valued at $402,418.44. The trade was a 58.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 354 shares of the firm’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. The trade was a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock worth $6,611,245 in the last quarter. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. BMO Capital Markets boosted their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 14th. UBS Group reissued a “buy” rating and set a $1,025.00 price objective (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Citigroup upped their target price on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Evercore ISI lifted their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,065.32.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $1,005.95 on Thursday. The firm’s fifty day simple moving average is $975.77 and its 200-day simple moving average is $968.70. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a market capitalization of $208.21 billion, a price-to-earnings ratio of 136.68, a PEG ratio of 4.58 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same period in the previous year, the business posted $3.41 earnings per share. ServiceNow’s quarterly revenue was up 18.6% on a year-over-year basis. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.