Lynch Asset Management Inc. Makes New $4.14 Million Investment in ServiceNow, Inc. $NOW

Lynch Asset Management Inc. acquired a new stake in ServiceNow, Inc. (NYSE:NOW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 41,675 shares of the information technology services provider’s stock, valued at approximately $4,137,000. ServiceNow accounts for 1.1% of Lynch Asset Management Inc.’s investment portfolio, making the stock its 23rd biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Millstone Evans Group LLC raised its stake in ServiceNow by 400.0% during the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its stake in shares of ServiceNow by 540.0% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Blueline Advisors LLC purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC grew its stake in shares of ServiceNow by 560.0% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 140 shares during the last quarter. Finally, Wealth Watch Advisors INC increased its holdings in shares of ServiceNow by 432.3% in the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 134 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Up 0.1%

NOW opened at $124.08 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The business has a 50 day simple moving average of $107.08 and a 200-day simple moving average of $105.59. The stock has a market capitalization of $128.29 billion, a P/E ratio of 77.55, a P/E/G ratio of 2.18 and a beta of 0.94. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $194.73.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. TD Cowen restated a “buy” rating and set a $140.00 price target on shares of ServiceNow in a research note on Friday, July 17th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $130.00 price objective on shares of ServiceNow in a research report on Thursday, July 23rd. UBS Group set a $248.00 price objective on shares of ServiceNow in a research note on Thursday, July 23rd. Jefferies Financial Group restated a “buy” rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Finally, Raymond James Financial reduced their target price on shares of ServiceNow from $160.00 to $130.00 and set an “outperform” rating for the company in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $143.76.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.