ServiceNow Inc (NOW) Stake Lessened by D.B. Root & Company LLC

D.B. Root & Company LLC trimmed its holdings in ServiceNow Inc (NYSE:NOW) by 57.6% in the third quarter, Holdings Channel reports. The institutional investor owned 2,435 shares of the information technology services provider’s stock after selling 3,305 shares during the period. D.B. Root & Company LLC’s holdings in ServiceNow were worth $476,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NOW. Icon Advisers Inc. Co. bought a new position in ServiceNow during the 3rd quarter worth $704,000. Los Angeles Capital Management & Equity Research Inc. increased its stake in ServiceNow by 1.4% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 179,512 shares of the information technology services provider’s stock worth $35,118,000 after acquiring an additional 2,543 shares during the period. Gulf International Bank UK Ltd increased its stake in ServiceNow by 12.1% during the 3rd quarter. Gulf International Bank UK Ltd now owns 60,460 shares of the information technology services provider’s stock worth $11,827,000 after acquiring an additional 6,510 shares during the period. Gabelli Funds LLC increased its stake in ServiceNow by 84.3% during the 3rd quarter. Gabelli Funds LLC now owns 72,600 shares of the information technology services provider’s stock worth $14,203,000 after acquiring an additional 33,200 shares during the period. Finally, Gamco Investors INC. ET AL increased its stake in ServiceNow by 125.7% during the 3rd quarter. Gamco Investors INC. ET AL now owns 9,071 shares of the information technology services provider’s stock worth $1,775,000 after acquiring an additional 5,052 shares during the period. 95.25% of the stock is owned by institutional investors.

NOW has been the topic of a number of recent research reports. Barclays raised their price objective on ServiceNow from $198.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, September 7th. Argus raised their price objective on ServiceNow to $215.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. They noted that the move was a valuation call. KeyCorp raised their price objective on ServiceNow from $194.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, July 26th. Canaccord Genuity raised their price objective on ServiceNow from $190.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, July 26th. Finally, Macquarie set a $210.00 price objective on ServiceNow and gave the stock a “buy” rating in a research note on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $203.44.

In related news, Director Frederic B. Luddy sold 32,500 shares of the business’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $182.51, for a total transaction of $5,931,575.00. Following the sale, the director now owns 282,383 shares in the company, valued at approximately $51,537,721.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chirantan Jitendra Desai sold 2,031 shares of the business’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $187.01, for a total value of $379,817.31. Following the sale, the insider now owns 2,534 shares in the company, valued at approximately $473,883.34. The disclosure for this sale can be found here. Insiders have sold a total of 150,844 shares of company stock worth $27,759,604 in the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Shares of NOW opened at $177.37 on Wednesday. ServiceNow Inc has a 52-week low of $112.84 and a 52-week high of $206.29. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 1.28. The firm has a market capitalization of $31.81 billion, a PE ratio of -168.92, a price-to-earnings-growth ratio of 33.17 and a beta of 1.25.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 24th. The information technology services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.61. The business had revenue of $673.10 million for the quarter, compared to analyst estimates of $659.41 million. ServiceNow had a negative return on equity of 3.15% and a negative net margin of 2.52%. Equities research analysts expect that ServiceNow Inc will post 0.16 earnings per share for the current year.

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ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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