GAMMA Investing LLC Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

GAMMA Investing LLC boosted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 15.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,070 shares of the information technology services provider’s stock after purchasing an additional 411 shares during the period. GAMMA Investing LLC’s holdings in ServiceNow were worth $3,255,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in NOW. Fiera Capital Corp boosted its holdings in ServiceNow by 16.0% in the second quarter. Fiera Capital Corp now owns 3,449 shares of the information technology services provider’s stock valued at $2,713,000 after purchasing an additional 476 shares during the last quarter. Legacy Capital Wealth Partners LLC acquired a new stake in ServiceNow in the second quarter valued at $282,000. Jackson Creek Investment Advisors LLC bought a new position in ServiceNow during the 2nd quarter valued at $352,000. Pursue Wealth Partners LLC bought a new stake in shares of ServiceNow in the 2nd quarter worth about $290,000. Finally, Commons Capital LLC raised its stake in shares of ServiceNow by 7.8% in the 2nd quarter. Commons Capital LLC now owns 1,678 shares of the information technology services provider’s stock valued at $1,320,000 after purchasing an additional 121 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Royal Bank of Canada upped their price objective on ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Robert W. Baird upped their price target on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Jefferies Financial Group lifted their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Evercore ISI increased their target price on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, BMO Capital Markets lifted their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,048.00.

ServiceNow Stock Performance

NYSE:NOW opened at $1,054.34 on Friday. The company has a 50-day moving average of $1,051.07 and a 200-day moving average of $908.48. The firm has a market cap of $217.19 billion, a price-to-earnings ratio of 163.97, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. 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, Inc. has a twelve month low of $637.99 and a twelve month high of $1,157.90.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping 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 firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period last year, the firm posted $1.21 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. Analysts forecast that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the sale, the insider now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,629 shares of company stock worth $20,861,626 in the last three months. 0.25% of the stock is currently owned by insiders.

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.