Gabelli Funds LLC Has $36.25 Million Position in ServiceNow, Inc. (NYSE:NOW)

Gabelli Funds LLC trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,074 shares of the information technology services provider’s stock after selling 464 shares during the quarter. Gabelli Funds LLC’s holdings in ServiceNow were worth $36,245,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Creekmur Asset Management LLC bought a new position in ServiceNow during the first quarter worth about $25,000. Versant Capital Management Inc raised its position in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 28 shares during the period. University of Texas Texas AM Investment Managment Co. bought a new position in shares of ServiceNow during the 4th quarter valued at about $29,000. EntryPoint Capital LLC grew its position in shares of ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 39 shares during the period. Finally, Ridgewood Investments LLC bought a new stake in ServiceNow during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

NOW opened at $937.36 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $192.16 billion, a PE ratio of 100.25, a price-to-earnings-growth ratio of 5.25 and a beta of 0.98. The business has a fifty day simple moving average of $822.56 and a 200 day simple moving average of $771.44. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $940.12.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the company posted $0.77 earnings per share. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 6.78 EPS for the current year.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. The sale was disclosed in a filing with the SEC, which is available at this link. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the sale, the chief financial officer now directly owns 11,490 shares in the company, valued at $9,479,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

NOW has been the subject of several research analyst reports. TD Cowen upped their price target on shares of ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. KeyCorp lowered their price objective on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Canaccord Genuity Group reissued a “buy” rating and issued a $835.00 price objective on shares of ServiceNow in a research report on Tuesday, July 23rd. Piper Sandler raised their target price on shares of ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Finally, BMO Capital Markets boosted their price target on shares of ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $855.44.

ServiceNow Profile

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.