ServiceNow, Inc. (NYSE:NOW) Stake Boosted by GAMMA Investing LLC

GAMMA Investing LLC lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 15.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,070 shares of the information technology services provider’s stock after acquiring an additional 411 shares during the quarter. GAMMA Investing LLC’s holdings in ServiceNow were worth $3,255,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Truvestments Capital LLC acquired a new position in ServiceNow in the 3rd quarter worth about $30,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares in the last quarter. Semmax Financial Advisors Inc. acquired a new position in ServiceNow in the second quarter worth approximately $39,000. Oakworth Capital Inc. raised its position in ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 14 shares in the last quarter. Finally, Dunhill Financial LLC lifted its stake in ServiceNow by 70.0% in the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after acquiring an additional 21 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,054.34 on Friday. The firm has a market capitalization of $217.19 billion, a price-to-earnings ratio of 163.97, a PEG ratio of 6.43 and a beta of 0.99. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,157.90. The business has a fifty day simple moving average of $1,051.07 and a 200 day simple moving average of $908.48. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the prior year, the company posted $1.21 EPS. The business’s revenue was up 22.2% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NOW shares. JMP Securities increased their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 17th. Canaccord Genuity Group increased their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Royal Bank of Canada boosted their price target on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Stifel Nicolaus increased their price objective on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,048.00.

Insiders Place Their Bets

In other news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,629 shares of company stock worth $20,861,626 over the last quarter. Company insiders own 0.25% of the company’s stock.

ServiceNow Company 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.