Lynch Asset Management Inc. Buys Shares of 41,675 ServiceNow, Inc. $NOW

Lynch Asset Management Inc. purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, HoldingsChannel.com reports. The fund purchased 41,675 shares of the information technology services provider’s stock, valued at approximately $4,137,000. ServiceNow comprises 1.1% of Lynch Asset Management Inc.’s investment portfolio, making the stock its 23rd largest holding.

Several other institutional investors have also modified their holdings of NOW. SCS Capital Management LLC acquired a new position in ServiceNow during the second quarter worth $3,431,000. Bank of New York Mellon Corp purchased a new stake in ServiceNow during the second quarter worth $712,573,000. Leeward Financial Partners LLC acquired a new stake in ServiceNow in the second quarter valued at $266,000. Focus Partners Advisor Solutions LLC acquired a new stake in ServiceNow in the second quarter valued at $2,291,000. Finally, State of Wyoming purchased a new position in shares of ServiceNow in the second quarter valued at $232,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NOW opened at $124.08 on Monday. The company’s 50 day simple moving average is $107.08 and its 200 day simple moving average is $105.59. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73. The stock has a market capitalization of $128.29 billion, a PE ratio of 77.55, a P/E/G ratio of 2.18 and a beta of 0.94.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. ServiceNow’s revenue was up 24.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 earnings per share. As a group, sell-side analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Evercore reaffirmed an “outperform” rating and set a $160.00 price target on shares of ServiceNow in a research note on Thursday, July 23rd. Truist Financial raised their target price on shares of ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, July 9th. TD Cowen reaffirmed a “buy” rating and issued a $140.00 price target on shares of ServiceNow in a report on Friday, July 17th. JPMorgan Chase & Co. increased their price target on shares of ServiceNow from $145.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Finally, Morgan Stanley set a $180.00 price objective on ServiceNow in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $143.76.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.