Merit Financial Group LLC Has $3.92 Million Position in ServiceNow, Inc. (NYSE:NOW)

Merit Financial Group LLC raised its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 61.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 4,918 shares of the information technology services provider's stock after buying an additional 1,869 shares during the period. Merit Financial Group LLC's holdings in ServiceNow were worth $3,915,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also modified their holdings of NOW. GAMMA Investing LLC raised its position in shares of ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new stake in shares of ServiceNow during the fourth quarter worth $2,603,360,000. Proficio Capital Partners LLC grew its stake in shares of ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after purchasing an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow in the fourth quarter valued at about $682,468,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Up 1.3%

NOW traded up $13.10 on Friday, hitting $1,030.70. 956,231 shares of the company were exchanged, compared to its average volume of 1,483,041. The stock's fifty day moving average is $915.04 and its 200-day moving average is $974.91. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. 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 company has a market cap of $213.34 billion, a PE ratio of 150.91, a PEG ratio of 4.51 and a beta of 0.95.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business's revenue was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.41 EPS. Equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on NOW. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. JPMorgan Chase & Co. cut their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Erste Group Bank raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, BMO Capital Markets upped their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

Insider Activity

In other news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer now directly owns 6,614 shares of the company's stock, valued at $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $2,435,554.47. The trade was a 10.47% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by company 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.