ServiceNow, Inc. $NOW Shares Purchased by Merit Financial Group LLC

Key Points

• Merit Financial Group LLC increased its stake in ServiceNow, Inc. by 27.4%, owning 6,267 shares valued at approximately $6.44 million as of its latest SEC filing.
• CEO William R. Mcdermott sold 5,825 shares of ServiceNow at an average price of $916.63, decreasing his ownership by 46.83%.
• ServiceNow's quarterly earnings report showed a 22.4% year-over-year revenue growth, with an EPS of $4.09, surpassing analysts' estimates.

Merit Financial Group LLC lifted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,267 shares of the information technology services provider's stock after purchasing an additional 1,349 shares during the period. Merit Financial Group LLC's holdings in ServiceNow were worth $6,443,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Haverford Trust Co raised its position in ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after acquiring an additional 10 shares during the last quarter. Ascent Group LLC raised its position in ServiceNow by 0.5% during the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock worth $1,628,000 after acquiring an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. raised its position in ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after acquiring an additional 11 shares during the last quarter. Integrated Investment Consultants LLC raised its position in ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after acquiring an additional 11 shares during the last quarter. Finally, one8zero8 LLC raised its position in ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after acquiring an additional 11 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity

In related news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. This trade represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock valued at $16,798,825 in the last ninety days. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $911.75 on Monday. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a 50 day simple moving average of $914.67 and a 200-day simple moving average of $930.67. The firm has a market cap of $189.64 billion, a PE ratio of 114.83, a P/E/G ratio of 4.11 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS 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 firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business 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, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Morgan Stanley upgraded shares of ServiceNow from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Oppenheimer restated an "outperform" rating and set a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Jefferies Financial Group lifted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Citigroup boosted their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, BMO Capital Markets boosted their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,122.20.

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.

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