First Merchants Corp Buys 307 Shares of ServiceNow, Inc. (NYSE:NOW)

First Merchants Corp increased its stake in ServiceNow, Inc. (NYSE:NOW) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,932 shares of the information technology services provider’s stock after buying an additional 307 shares during the quarter. First Merchants Corp’s holdings in ServiceNow were worth $8,430,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Sandbox Financial Partners LLC increased its stake in ServiceNow by 8.6% in the fourth quarter. Sandbox Financial Partners LLC now owns 835 shares of the information technology services provider’s stock worth $590,000 after purchasing an additional 66 shares during the period. First Hawaiian Bank increased its stake in ServiceNow by 2.2% in the third quarter. First Hawaiian Bank now owns 7,514 shares of the information technology services provider’s stock worth $4,200,000 after purchasing an additional 165 shares during the period. Raymond James & Associates increased its stake in ServiceNow by 5.9% in the fourth quarter. Raymond James & Associates now owns 331,406 shares of the information technology services provider’s stock worth $234,135,000 after purchasing an additional 18,442 shares during the period. Fifth Third Bancorp increased its stake in ServiceNow by 4.7% in the fourth quarter. Fifth Third Bancorp now owns 70,150 shares of the information technology services provider’s stock worth $49,560,000 after purchasing an additional 3,154 shares during the period. Finally, F M Investments LLC purchased a new stake in ServiceNow in the third quarter worth $1,624,000. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NOW shares. Oppenheimer increased their target price on ServiceNow from $750.00 to $800.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. JMP Securities raised their price target on ServiceNow from $665.00 to $825.00 and gave the company a “market outperform” rating in a research note on Monday, January 22nd. Royal Bank of Canada raised their price target on ServiceNow from $840.00 to $850.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Truist Financial raised their price target on ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Finally, BMO Capital Markets raised their price target on ServiceNow from $630.00 to $850.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Two research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $762.96.

ServiceNow Stock Performance

NYSE:NOW traded up $25.95 during trading hours on Friday, reaching $783.50. The company had a trading volume of 1,197,758 shares, compared to its average volume of 1,016,438. ServiceNow, Inc. has a 1-year low of $427.68 and a 1-year high of $815.32. The firm has a market cap of $160.62 billion, a PE ratio of 93.16, a price-to-earnings-growth ratio of 4.99 and a beta of 0.97. The business’s 50 day moving average price is $770.57 and its 200-day moving average price is $688.85. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The business’s revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 earnings per share. Research analysts forecast that ServiceNow, Inc. will post 6.16 EPS for the current year.

Insider Buying and Selling

In related news, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total transaction of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares in the company, valued at $1,067,831.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the sale, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,164 shares of company stock worth $9,940,303. 0.24% of the stock is owned by corporate insiders.

About ServiceNow

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.