ServiceNow, Inc. $NOW Stock: Traynor Capital Management Inc. Increases Position

Traynor Capital Management Inc. lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 39.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,823 shares of the information technology services provider’s stock after acquiring an additional 17,634 shares during the period. Traynor Capital Management Inc.’s holdings in ServiceNow were worth $8,419,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of ServiceNow during the 2nd quarter worth $9,536,615,000. State Street Corp grew its stake in ServiceNow by 2.0% in the second quarter. State Street Corp now owns 49,038,218 shares of the information technology services provider’s stock valued at $4,868,514,000 after purchasing an additional 979,726 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in ServiceNow by 16.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 16,638,071 shares of the information technology services provider’s stock valued at $1,651,828,000 after purchasing an additional 2,362,606 shares during the last quarter. Amundi raised its holdings in ServiceNow by 60.9% in the first quarter. Amundi now owns 11,479,098 shares of the information technology services provider’s stock worth $1,200,140,000 after purchasing an additional 4,346,722 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in ServiceNow by 6.5% in the first quarter. Bank of New York Mellon Corp now owns 8,526,931 shares of the information technology services provider’s stock worth $891,491,000 after purchasing an additional 518,263 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on NOW. KeyCorp reissued an “underweight” rating and set a $110.00 price target (up from $85.00) on shares of ServiceNow in a research report on Thursday. TD Cowen cut their price objective on shares of ServiceNow from $165.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday. Morgan Stanley reaffirmed an “overweight” rating and issued a $160.00 price target on shares of ServiceNow in a report on Thursday. Wells Fargo & Company cut their price target on ServiceNow from $190.00 to $175.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Weiss Ratings lowered ServiceNow from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.50.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline Canney sold 7,847 shares of ServiceNow stock in a transaction on Friday, August 28th. The shares were sold at an average price of $138.00, for a total value of $1,082,886.00. Following the completion of the transaction, the insider owned 30,042 shares of the company’s stock, valued at approximately $4,145,796. The trade was a 20.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Chamberlain sold 2,700 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $135.50, for a total transaction of $365,850.00. Following the completion of the transaction, the director owned 43,990 shares of the company’s stock, valued at approximately $5,960,645. This trade represents a 5.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 14,081 shares of company stock worth $1,937,904. 0.34% of the stock is owned by company insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $105.12 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market capitalization of $109.11 billion, a price-to-earnings ratio of 75.63, a PEG ratio of 2.00 and a beta of 1.00. The firm’s 50 day simple moving average is $138.71 and its 200-day simple moving average is $115.45. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $189.53.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.09 billion. During the same quarter in the prior year, the firm earned $4.82 earnings per share. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 2.14 EPS for the current year.

ServiceNow Company Profile

ServiceNow, Inc provides cloud-based software designed to help organizations digitize, automate and manage enterprise workflows. Its Now Platform connects people, processes and systems across departments, enabling customers to manage work through a centralized technology environment.

The company’s products and services address a range of business needs, including information technology service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance, and application development.