Gabelli Funds LLC bought a new position in ServiceNow Inc (NYSE:NOW) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 39,400 shares of the information technology services provider’s stock, valued at approximately $6,795,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Alpha Windward LLC purchased a new position in shares of ServiceNow in the second quarter worth approximately $102,000. Three Peaks Capital Management LLC purchased a new position in shares of ServiceNow in the first quarter worth approximately $113,000. IHT Wealth Management LLC increased its position in shares of ServiceNow by 66.7% in the first quarter. IHT Wealth Management LLC now owns 750 shares of the information technology services provider’s stock worth $121,000 after acquiring an additional 300 shares in the last quarter. Adviser Investments LLC purchased a new position in shares of ServiceNow in the first quarter worth approximately $166,000. Finally, Chevy Chase Trust Holdings Inc. purchased a new position in shares of ServiceNow in the second quarter worth approximately $204,000. 95.80% of the stock is currently owned by institutional investors and hedge funds.
NYSE NOW opened at $190.76 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $34.94 billion, a price-to-earnings ratio of -180.71, a price-to-earnings-growth ratio of 46.62 and a beta of 1.25. ServiceNow Inc has a 12-month low of $110.17 and a 12-month high of $201.00.
ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 25th. The information technology services provider reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.06. The firm had revenue of $631.05 million during the quarter, compared to analysts’ expectations of $616.68 million. ServiceNow had a negative net margin of 4.16% and a negative return on equity of 7.48%. The company’s revenue was up 40.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.22 earnings per share. analysts anticipate that ServiceNow Inc will post 0.16 EPS for the current fiscal year.
NOW has been the topic of several analyst reports. Deutsche Bank lifted their target price on shares of ServiceNow to $200.00 and gave the stock a “buy” rating in a research report on Thursday, May 31st. Deutsche Bank lifted their target price on shares of ServiceNow from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, May 31st. Barclays reissued a “buy” rating and issued a $198.00 target price on shares of ServiceNow in a research report on Friday, July 27th. Zacks Investment Research downgraded shares of ServiceNow from a “hold” rating to a “strong sell” rating in a research report on Monday, July 30th. Finally, Northland Securities reissued a “buy” rating and issued a $200.00 target price on shares of ServiceNow in a research report on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $196.12.
In other ServiceNow news, CRO David Schneider sold 10,252 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $181.76, for a total value of $1,863,403.52. Following the completion of the sale, the executive now directly owns 44,376 shares in the company, valued at $8,065,781.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederic B. Luddy sold 32,500 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $182.51, for a total transaction of $5,931,575.00. Following the completion of the sale, the director now owns 282,383 shares of the company’s stock, valued at $51,537,721.33. The disclosure for this sale can be found here. Insiders sold 193,949 shares of company stock valued at $35,864,885 over the last quarter. Corporate insiders own 1.60% of the company’s stock.
ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. It offers customer and facilities service management, orchestration core, service mapping, cloud and portfolio management, edge encryption, performance analytics, service portal designer, visual task boards, and configuration management database.
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