Gamco Investors INC. ET AL Sells 623 Shares of ServiceNow, Inc. $NOW

Key Points

• Gamco Investors INC. sold 623 shares of ServiceNow, Inc., lowering its position by 11.6%, and now holds a total of 4,766 shares valued at approximately $3.79 million.
• Institutional investors collectively own 87.18% of ServiceNow's stock, with significant increases from firms like Vanguard Group and GAMMA Investing in recent quarters.
• ServiceNow reported $4.09 EPS for its latest quarter, exceeding estimates, with revenue growing 22.4% year-over-year, indicating strong financial performance.

Gamco Investors INC. ET AL decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 4,766 shares of the information technology services provider's stock after selling 623 shares during the period. Gamco Investors INC. ET AL's holdings in ServiceNow were worth $3,794,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after purchasing an additional 297,734 shares during the last quarter. GAMMA Investing LLC boosted its holdings in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after acquiring an additional 87,876 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in ServiceNow by 4.9% in the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock valued at $2,484,752,000 after acquiring an additional 109,293 shares in the last quarter. Finally, Nuveen LLC bought a new stake in ServiceNow in the first quarter valued at $1,817,535,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $928.80 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $193.19 billion, a P/E ratio of 116.98, a P/E/G ratio of 4.01 and a beta of 0.93. The business has a fifty day simple moving average of $946.91 and a two-hundred day simple moving average of $926.16. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.13 earnings per share. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NOW shares. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Guggenheim reiterated a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Citigroup lifted their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, DA Davidson lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,302 shares of company stock worth $10,956,796 over the last quarter. Corporate insiders own 0.38% 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.

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