Traynor Capital Management Inc. Purchases 116 Shares of ServiceNow, Inc. (NYSE:NOW)

Traynor Capital Management Inc. grew its position in ServiceNow, Inc. (NYSE:NOW) by 40.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 406 shares of the information technology services provider’s stock after acquiring an additional 116 shares during the quarter. Traynor Capital Management Inc.’s holdings in ServiceNow were worth $431,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Public Sector Pension Investment Board lifted its holdings in shares of ServiceNow by 74.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 7,884 shares of the information technology services provider’s stock valued at $6,202,000 after acquiring an additional 3,364 shares during the last quarter. Semmax Financial Advisors Inc. purchased a new stake in ServiceNow during the second quarter valued at approximately $39,000. Bwcp LP purchased a new position in shares of ServiceNow in the 2nd quarter worth approximately $9,645,000. Insigneo Advisory Services LLC increased its position in shares of ServiceNow by 29.2% during the 2nd quarter. Insigneo Advisory Services LLC now owns 2,393 shares of the information technology services provider’s stock valued at $1,870,000 after purchasing an additional 541 shares during the last quarter. Finally, Fred Alger Management LLC raised its holdings in ServiceNow by 36.5% during the 2nd quarter. Fred Alger Management LLC now owns 157,546 shares of the information technology services provider’s stock valued at $123,937,000 after buying an additional 42,091 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,125.39 on Thursday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,157.90. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $231.83 billion, a PE ratio of 175.02, a price-to-earnings-growth ratio of 4.98 and a beta of 0.99. The business has a 50-day simple moving average of $1,071.36 and a 200-day simple moving average of $937.32.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter last year, the company earned $1.21 EPS. The business’s revenue was up 22.2% on a year-over-year basis. On average, equities analysts expect that ServiceNow, Inc. will post 7.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NOW shares. Scotiabank initiated coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target for the company. Citigroup upped their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Sanford C. Bernstein lifted their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, Canaccord Genuity Group raised their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $1,093.34.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,731 shares of company stock valued at $21,016,751. Corporate insiders own 0.25% of the company’s stock.

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.