GAMMA Investing LLC Has $2.14 Billion Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

GAMMA Investing LLC grew its position in ServiceNow, Inc. (NYSE:NOW) by 87,501.3% during the 1st quarter, Holdings Channel reports. The firm owned 2,689,361 shares of the information technology services provider’s stock after purchasing an additional 2,686,291 shares during the quarter. GAMMA Investing LLC’s holdings in ServiceNow were worth $2,141,108,000 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. Quarry LP acquired a new stake in shares of ServiceNow in the 4th quarter valued at $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow in the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow in the 4th quarter valued at $32,000. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the 4th quarter valued at $34,000. Finally, FPC Investment Advisory Inc. boosted its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling

In related news, Director Anita M. Sands sold 428 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the sale, the director now directly owns 10,891 shares of the company’s stock, valued at approximately $11,039,226.51. This represents a 3.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $67,518.00. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,096,621. The trade was a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,102 shares of company stock valued at $2,944,038. 0.38% of the stock is owned by corporate insiders.

ServiceNow Price Performance

NYSE NOW opened at $1,015.19 on Friday. The business has a 50 day simple moving average of $896.18 and a 200 day simple moving average of $975.49. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market cap of $210.13 billion, a price-to-earnings ratio of 148.64, a PEG ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the prior year, the business earned $3.41 EPS. ServiceNow’s revenue for the quarter was up 18.6% compared to the same quarter last year. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on NOW shares. Robert W. Baird upped their price target on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Citigroup upped their price target on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Oppenheimer reiterated an “outperform” rating and set a $1,100.00 price target (up previously from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. Evercore ISI upped their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Finally, Royal Bank of Canada upped their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $1,062.50.

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.