Meridian Wealth Management LLC Increases Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Meridian Wealth Management LLC increased its stake in ServiceNow, Inc. by 21.2% during the 1st quarter, acquiring an additional 933 shares to hold a total of 5,325 shares valued at approximately $4.24 million.
• ServiceNow's latest quarterly earnings revealed an EPS of $4.09, exceeding expectations and representing a 22.4% increase in revenue year-over-year.
• Analysts maintain a consensus rating of "Moderate Buy" for ServiceNow, with a target price of $1,115.20, reflecting positive outlooks from several firms including Mizuho and Piper Sandler.

Meridian Wealth Management LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Edgemoor Investment Advisors Inc. increased its holdings in shares of ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC increased its holdings in shares of ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares in the last quarter. one8zero8 LLC increased its holdings in shares of ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after purchasing an additional 11 shares in the last quarter. Capital Investment Advisory Services LLC increased its holdings in shares of ServiceNow by 2.1% in the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after purchasing an additional 12 shares in the last quarter. Finally, Argent Trust Co increased its holdings in shares of ServiceNow by 0.4% in the 1st quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock valued at $2,677,000 after purchasing an additional 12 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NOW. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Mizuho raised their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Piper Sandler raised their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. JMP Securities restated a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. Finally, Raymond James Financial raised their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have issued 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, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lawrence Jackson sold 757 shares of ServiceNow stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the sale, the director owned 588 shares in the company, valued at $582,414. This represents a 56.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock valued at $5,318,667 in the last three months. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Down 0.3%

NYSE NOW opened at $871.70 on Monday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company's 50 day moving average price is $982.92 and its 200 day moving average price is $942.17. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market capitalization of $181.31 billion, a price-to-earnings ratio of 109.79, a PEG ratio of 3.93 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating 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 firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.

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