ServiceNow, Inc. $NOW Stock: Traynor Capital Management Inc. Raises Stake

Traynor Capital Management Inc. raised its position in ServiceNow, Inc. (NYSE:NOW) by 39.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,823 shares of the information technology services provider’s stock after purchasing an additional 17,634 shares during the quarter. Traynor Capital Management Inc.’s holdings in ServiceNow were worth $8,419,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of ServiceNow in the second quarter worth approximately $9,536,615,000. Bank of New York Mellon Corp purchased a new position in ServiceNow during the 2nd quarter valued at $712,573,000. Legal & General Group Plc purchased a new position in ServiceNow during the 2nd quarter valued at $641,888,000. Bank of America Corp DE bought a new position in ServiceNow in the 2nd quarter valued at $627,355,000. Finally, Deutsche Bank AG bought a new position in ServiceNow in the 2nd quarter valued at $595,157,000. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Robert W. Baird set a $185.00 target price on ServiceNow in a research note on Thursday. TD Cowen lowered their target price on shares of ServiceNow from $165.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday. BMO Capital Markets upped their price target on shares of ServiceNow from $115.00 to $118.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Canaccord Genuity Group set a $145.00 price target on shares of ServiceNow in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of ServiceNow from $135.00 to $155.00 and gave the stock a “buy” rating in a research note on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $154.50.

ServiceNow Stock Performance

NOW opened at $105.12 on Monday. The stock’s fifty day moving average is $138.71 and its two-hundred day moving average is $115.45. The company has a market capitalization of $109.11 billion, a P/E ratio of 75.63, a PEG ratio of 2.00 and a beta of 1.00. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $189.53. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42.

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

ServiceNow 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.