Meridian Wealth Partners LLC Purchases New Shares in ServiceNow, Inc. (NYSE:NOW)

Meridian Wealth Partners LLC bought a new position in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, Holdings Channel reports. The institutional investor bought 223 shares of the information technology services provider’s stock, valued at approximately $236,000.

Several other hedge funds have also added to or reduced their stakes in the stock. United Bank purchased a new stake in ServiceNow during the third quarter valued at $480,000. Intech Investment Management LLC increased its position in ServiceNow by 17.1% during the third quarter. Intech Investment Management LLC now owns 7,483 shares of the information technology services provider’s stock valued at $6,693,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Trust N.A. increased its position in ServiceNow by 5.4% during the third quarter. Raymond James Trust N.A. now owns 3,990 shares of the information technology services provider’s stock valued at $3,569,000 after acquiring an additional 204 shares during the last quarter. Allen Capital Group LLC increased its position in ServiceNow by 20.9% in the third quarter. Allen Capital Group LLC now owns 543 shares of the information technology services provider’s stock worth $486,000 after buying an additional 94 shares in the last quarter. Finally, GM Advisory Group LLC purchased a new stake in ServiceNow in the third quarter worth about $241,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $827.92 on Friday. The stock has a market cap of $170.55 billion, a price-to-earnings ratio of 121.22, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50 day moving average price of $971.31 and a 200-day moving average price of $984.34. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have commented on the company. Scotiabank reduced their price target on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. Wells Fargo & Company upped their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research note on Tuesday, March 11th. JPMorgan Chase & Co. upped their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Oppenheimer upped their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,100.31.

Insider Buying and Selling

In related news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

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.