Merit Financial Group LLC Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Merit Financial Group LLC grew its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 79.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,049 shares of the information technology services provider's stock after purchasing an additional 1,351 shares during the period. Merit Financial Group LLC's holdings in ServiceNow were worth $3,232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NOW. Polymer Capital Management HK LTD grew its stake in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider's stock worth $2,416,000 after buying an additional 981 shares during the last quarter. AXA S.A. grew its position in ServiceNow by 1.1% during the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider's stock worth $304,712,000 after acquiring an additional 4,271 shares during the last quarter. Avidian Wealth Enterprises LLC increased its holdings in ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider's stock worth $436,000 after purchasing an additional 138 shares in the last quarter. Venturi Wealth Management LLC raised its position in ServiceNow by 36.4% in the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider's stock valued at $2,565,000 after purchasing an additional 765 shares during the last quarter. Finally, Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow during the fourth quarter valued at about $105,090,000. 87.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 300 shares of ServiceNow stock in a transaction on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the sale, the director now directly owns 10,467 shares in the company, valued at $10,968,892.65. The trade was a 2.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the transaction, the insider now owns 3,027 shares of the company's stock, valued at approximately $3,060,115.38. The trade was a 2.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock valued at $21,016,751 in the last three months. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

NOW has been the subject of several recent research reports. Cantor Fitzgerald initiated coverage on ServiceNow in a research note on Friday. They issued an "overweight" rating and a $1,332.00 price objective for the company. Stifel Nicolaus upped their price target on shares of ServiceNow from $900.00 to $990.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Oppenheimer lifted their price target on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Tuesday, December 3rd. Morgan Stanley downgraded ServiceNow from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $900.00 to $960.00 in a report on Monday, October 21st. Finally, Barclays lifted their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,080.38.

ServiceNow Stock Up 1.4 %

Shares of NYSE NOW traded up $14.86 during mid-day trading on Monday, reaching $1,072.02. 1,079,535 shares of the company's stock traded hands, compared to its average volume of 944,889. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,157.90. The stock has a market cap of $220.84 billion, a P/E ratio of 166.72, a PEG ratio of 4.65 and a beta of 0.99. The business has a 50-day simple moving average of $1,069.67 and a 200 day simple moving average of $933.26.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company's quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 earnings per share. On average, analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

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.