ServiceNow, Inc. (NYSE:NOW) Shares Sold by Traynor Capital Management Inc.

by · The Markets Daily

Traynor Capital Management Inc. cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 6.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Creekmur Asset Management LLC purchased a new stake in shares of ServiceNow in the first quarter valued at approximately $25,000. Versant Capital Management Inc grew its holdings in ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 28 shares in the last quarter. EntryPoint Capital LLC increased its stake in shares of ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the last quarter. Ridgewood Investments LLC purchased a new position in shares of ServiceNow during the 2nd quarter worth $32,000. Finally, DT Investment Partners LLC boosted its position in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $952.97 on Wednesday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm’s fifty day simple moving average is $890.11 and its 200-day simple moving average is $800.19. The firm has a market capitalization of $196.31 billion, a price-to-earnings ratio of 148.21, a PEG ratio of 5.67 and a beta of 0.99. ServiceNow, Inc. has a twelve month low of $558.09 and a twelve month high of $979.78.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Mizuho raised their price objective on shares of ServiceNow from $850.00 to $980.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Piper Sandler lifted their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Citigroup increased their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Jefferies Financial Group lifted their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Truist Financial increased their price target on ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $970.33.

View Our Latest Research Report on NOW

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total value of $652,848.00. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,457,924. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,467 shares of company stock valued at $4,450,447. 0.25% of the stock is owned by corporate insiders.

ServiceNow Company Profile

(Free Report)

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.

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