Meridian Wealth Management LLC Boosts Holdings in ServiceNow, Inc. (NYSE:NOW)

Meridian Wealth Management LLC increased its stake in ServiceNow, Inc. (NYSE:NOW) by 21.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,325 shares of the information technology services provider’s stock after buying an additional 933 shares during the period. Meridian Wealth Management LLC’s holdings in ServiceNow were worth $4,240,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP bought a new stake in shares of ServiceNow in the fourth quarter worth $27,000. Bogart Wealth LLC increased its stake in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the first quarter worth $26,000. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow in the fourth quarter worth $37,000. Finally, WASHINGTON TRUST Co increased its stake in shares of ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after buying an additional 31 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In other ServiceNow news, Director Lawrence Jackson sold 757 shares of the company’s stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the sale, the director directly owned 588 shares of the company’s stock, valued at approximately $582,414. This represents a 56.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anita M. Sands sold 239 shares of the company’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director directly owned 10,404 shares of the company’s stock, valued at $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,250 shares of company stock worth $5,318,667 in the last ninety days. Insiders own 0.38% of the company’s stock.

ServiceNow Stock Performance

NOW stock opened at $871.70 on Monday. The company has a market capitalization of $181.31 billion, a P/E ratio of 109.79, a PEG ratio of 3.93 and a beta of 0.93. The company has a 50-day simple moving average of $982.92 and a 200 day simple moving average of $942.17. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the company posted $3.13 earnings per share. The company’s quarterly revenue was up 22.4% compared to the same quarter last year. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NOW has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, July 29th. Truist Financial upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and lifted their price target for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Piper Sandler lifted their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Finally, Raymond James Financial boosted their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,115.20.

ServiceNow 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.