Traynor Capital Management Inc. Lowers Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Traynor Capital Management Inc. lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 290 shares of the information technology services provider’s stock after selling 21 shares during the quarter. Traynor Capital Management Inc.’s holdings in ServiceNow were worth $259,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of NOW. Valeo Financial Advisors LLC increased its position in ServiceNow by 6.8% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,997 shares of the information technology services provider’s stock worth $1,523,000 after purchasing an additional 127 shares during the period. E&G Advisors LP purchased a new stake in shares of ServiceNow in the first quarter valued at approximately $217,000. Valley National Advisers Inc. grew its holdings in ServiceNow by 28.2% during the first quarter. Valley National Advisers Inc. now owns 978 shares of the information technology services provider’s stock worth $745,000 after acquiring an additional 215 shares during the period. Kovack Advisors Inc. raised its position in ServiceNow by 18.8% in the first quarter. Kovack Advisors Inc. now owns 7,754 shares of the information technology services provider’s stock worth $5,912,000 after acquiring an additional 1,226 shares in the last quarter. Finally, First Trust Direct Indexing L.P. boosted its position in shares of ServiceNow by 9.1% during the 1st quarter. First Trust Direct Indexing L.P. now owns 4,964 shares of the information technology services provider’s stock worth $3,785,000 after purchasing an additional 415 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $1,025.00 to $1,050.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Jefferies Financial Group boosted their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Citigroup upped their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Royal Bank of Canada boosted their target price on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, TD Cowen raised their price target on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $970.33.

Insider Activity

In related news, insider Paul John Smith sold 187 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the transaction, the insider now owns 3,779 shares in the company, valued at approximately $3,006,496.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jacqueline P. Canney sold 94 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares in the company, valued at approximately $3,319,372.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul John Smith sold 187 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $795.58, for a total value of $148,773.46. Following the transaction, the insider now owns 3,779 shares in the company, valued at approximately $3,006,496.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,467 shares of company stock valued at $4,450,447 in the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NYSE:NOW opened at $952.97 on Wednesday. The company has a market cap of $196.31 billion, a P/E ratio of 148.21, a P/E/G ratio of 5.67 and a beta of 0.99. The firm’s 50 day moving average is $890.11 and its two-hundred day moving average is $800.19. ServiceNow, Inc. has a fifty-two week low of $558.09 and a fifty-two week high of $979.78. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the company posted $1.21 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 6.78 EPS for the current year.

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.