Gabelli Funds LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 6.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 52,592 shares of the information technology services provider’s stock after purchasing an additional 3,400 shares during the period. Gabelli Funds LLC’s holdings in ServiceNow were worth $29,288,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently added to or reduced their stakes in the company. Worldquant Millennium Advisors LLC lifted its stake in ServiceNow by 64.5% during the first quarter. Worldquant Millennium Advisors LLC now owns 26,486 shares of the information technology services provider’s stock valued at $14,750,000 after purchasing an additional 10,383 shares during the last quarter. Wealthfront Advisers LLC lifted its stake in ServiceNow by 3.1% during the first quarter. Wealthfront Advisers LLC now owns 17,499 shares of the information technology services provider’s stock valued at $9,746,000 after purchasing an additional 527 shares during the last quarter. Weiss Multi Strategy Advisers LLC lifted its stake in ServiceNow by 112.9% during the first quarter. Weiss Multi Strategy Advisers LLC now owns 35,332 shares of the information technology services provider’s stock valued at $19,676,000 after buying an additional 18,734 shares during the last quarter. Avalon Investment & Advisory lifted its stake in ServiceNow by 44.3% during the first quarter. Avalon Investment & Advisory now owns 3,948 shares of the information technology services provider’s stock valued at $2,199,000 after buying an additional 1,212 shares during the last quarter. Finally, Linscomb & Williams Inc. bought. a new position in ServiceNow in the first quarter valued at $659,000. 87.49% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the company. Credit Suisse Group cut their price target on ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a research note on Thursday, July 28th. Stifel Nicolaus cut their price target on ServiceNow from $650.00 to $550.00 in a research note on Wednesday, May 25th. Canaccord Genuity Group cut their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. UBS Group cut their price target on ServiceNow from $540.00 to $515.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Finally, Royal Bank of Canada cut their price target on ServiceNow from $670.00 to $610.00 in a research note on Monday, July 18th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have given a buy rating to the stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $598.84.
ServiceNow Trading was down 5.0%
NYSE:NOW opened at $452.38 on Wednesday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35. ServiceNow, Inc. has a 1-year low of $406.47 and a 1-year high of $707.60. The company has a market capitalization of $91.38 billion, a price-to-earnings ratio of 497.12, a price-to-earnings-growth ratio of 9.57 and a beta of 0.94. The stock has a fifty day simple moving average of $461.00 and a 200 day simple moving average of $485.63.
ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The company had revenue of $1.75 billion in the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company posted $0.38 EPS. The business’s quarterly revenue was up 24.3% compared to the same quarter last year. sell-side analysts predict that ServiceNow, Inc. will post 1.72 earnings per share for the current year.
Insiders Place Their Bets
In other ServiceNow news, insider Paul John Smith sold 130 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $502.81, for a total transaction of $65,365.30. Following the completion of the sale, the insider now directly owns 2,157 shares in the company, valued at approximately $1,084,561.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Lara Caimi sold 977 shares of ServiceNow stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $514.96, for a total transaction of $503,115.92. Following the completion of the sale, the insider now directly owns 43 shares in the company, valued at approximately $22,143.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul John Smith sold 130 shares of ServiceNow stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $502.81, for a total value of $65,365.30. Following the sale, the insider now owns 2,157 shares of the company’s stock, valued at $1,084,561.17. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,256 shares of company stock valued at $14,019,372. 0.28% of the stock is currently owned by company insiders.
ServiceNow profile
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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