Gabelli Funds LLC Reduces Position in ServiceNow Inc (NYSE:NOW)

Gabelli Funds LLC cut its position in ServiceNow Inc (NYSE:NOW) by 73.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,300 shares of the information technology services provider’s stock after selling 83,300 shares during the period. Gabelli Funds LLC’s holdings in ServiceNow were worth $7,692,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the business. WINTON GROUP Ltd grew its position in shares of ServiceNow by 21.5% in the 2nd quarter. WINTON GROUP Ltd now owns 1,969 shares of the information technology services provider’s stock valued at $541,000 after buying an additional 349 shares during the last quarter. First American Trust FSB boosted its stake in ServiceNow by 1.2% during the 2nd quarter. First American Trust FSB now owns 11,349 shares of the information technology services provider’s stock worth $3,116,000 after purchasing an additional 131 shares during the period. Douglass Winthrop Advisors LLC acquired a new stake in ServiceNow during the 2nd quarter worth $206,000. Zweig DiMenna Associates LLC acquired a new stake in ServiceNow during the 2nd quarter worth $16,899,000. Finally, Dubuque Bank & Trust Co. acquired a new stake in ServiceNow during the 2nd quarter worth $379,000. 90.97% of the stock is currently owned by institutional investors.

Shares of NYSE NOW traded up $3.33 during midday trading on Friday, hitting $244.22. The company had a trading volume of 25,047 shares, compared to its average volume of 3,512,197. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.75. ServiceNow Inc has a twelve month low of $147.63 and a twelve month high of $303.17. The business has a 50-day simple moving average of $253.60 and a two-hundred day simple moving average of $266.95. The firm has a market capitalization of $45.35 billion, a price-to-earnings ratio of 1,220.50, a price-to-earnings-growth ratio of 17.96 and a beta of 1.28.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.81. ServiceNow had a net margin of 1.09% and a return on equity of 6.62%. The firm had revenue of $885.80 million during the quarter, compared to analysts’ expectations of $885.53 million. During the same quarter last year, the business earned $0.68 earnings per share. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year. On average, equities analysts forecast that ServiceNow Inc will post 0.48 EPS for the current year.

In related news, CFO Michael Scarpelli sold 31,183 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $260.22, for a total value of $8,114,440.26. Following the completion of the sale, the chief financial officer now owns 36,200 shares in the company, valued at $9,419,964. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fay Sien Goon sold 408 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $258.36, for a total transaction of $105,410.88. Following the completion of the sale, the insider now owns 41,777 shares of the company’s stock, valued at approximately $10,793,505.72. The disclosure for this sale can be found here. Insiders sold 84,854 shares of company stock valued at $22,294,182 in the last quarter. Company insiders own 1.00% of the company’s stock.

A number of analysts recently weighed in on NOW shares. JMP Securities increased their price target on shares of ServiceNow to $325.00 and gave the stock a “market perform” rating in a research note on Thursday, July 25th. Cfra upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a research note on Monday. Needham & Company LLC increased their price target on shares of ServiceNow from $276.00 to $320.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. They noted that the move was a valuation call. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Thursday, July 25th. Finally, UBS Group increased their price target on shares of ServiceNow to $332.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Six equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. ServiceNow currently has a consensus rating of “Buy” and a consensus price target of $291.10.

ServiceNow Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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