Gabelli Funds LLC Acquires 5,600 Shares of ServiceNow, Inc. (NYSE:NOW)

Gabelli Funds LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOWFree Report) by 11.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 53,445 shares of the information technology services provider’s stock after buying an additional 5,600 shares during the quarter. Gabelli Funds LLC’s holdings in ServiceNow were worth $29,874,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of NOW. PFG Private Wealth Management LLC purchased a new stake in shares of ServiceNow in the third quarter worth about $28,000. First Capital Advisors Group LLC. purchased a new stake in ServiceNow in the 2nd quarter worth approximately $29,000. High Net Worth Advisory Group LLC bought a new position in ServiceNow in the 1st quarter valued at $29,000. Steward Financial Group LLC increased its holdings in shares of ServiceNow by 125.0% in the third quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 35 shares during the period. Finally, Princeton Global Asset Management LLC purchased a new stake in shares of ServiceNow in the third quarter worth $35,000. 87.14% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other news, COO Chirantan Jitendra Desai sold 3,150 shares of ServiceNow stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $671.84, for a total transaction of $2,116,296.00. Following the transaction, the chief operating officer now directly owns 38,904 shares of the company’s stock, valued at approximately $26,137,263.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other ServiceNow news, General Counsel Russell S. Elmer sold 56 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $616.08, for a total transaction of $34,500.48. Following the transaction, the general counsel now owns 4,225 shares in the company, valued at $2,602,938. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Chirantan Jitendra Desai sold 3,150 shares of ServiceNow stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $671.84, for a total transaction of $2,116,296.00. Following the sale, the chief operating officer now owns 38,904 shares of the company’s stock, valued at approximately $26,137,263.36. The disclosure for this sale can be found here. Insiders sold 9,755 shares of company stock worth $6,713,780 in the last three months. Corporate insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on NOW shares. Argus raised their price target on ServiceNow from $675.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, December 6th. Robert W. Baird lifted their price target on ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Wells Fargo & Company increased their price objective on ServiceNow from $675.00 to $725.00 and gave the company an “overweight” rating in a research report on Thursday, November 30th. Oppenheimer upped their target price on ServiceNow from $750.00 to $800.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Finally, Stifel Nicolaus increased their target price on shares of ServiceNow from $740.00 to $820.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Two research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $750.93.

Check Out Our Latest Stock Analysis on ServiceNow

ServiceNow Price Performance

Shares of NYSE:NOW opened at $784.84 on Tuesday. The firm has a market cap of $160.89 billion, a price-to-earnings ratio of 93.34, a price-to-earnings-growth ratio of 4.98 and a beta of 0.99. The business has a 50-day simple moving average of $716.89 and a two-hundred day simple moving average of $628.79. ServiceNow, Inc. has a fifty-two week low of $405.37 and a fifty-two week high of $789.91. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06.

ServiceNow (NYSE:NOWGet Free Report) last released its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the prior year, the firm earned $0.88 EPS. The company’s revenue was up 25.6% compared to the same quarter last year. On average, analysts expect that ServiceNow, Inc. will post 6.11 earnings per share for the current year.

ServiceNow Profile

(Free Report)

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

See Also

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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