Meridian Financial Partners LLC Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Meridian Financial Partners LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 19.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,260 shares of the information technology services provider’s stock after selling 310 shares during the quarter. ServiceNow accounts for 1.2% of Meridian Financial Partners LLC’s investment portfolio, making the stock its 23rd largest position. Meridian Financial Partners LLC’s holdings in ServiceNow were worth $938,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of ServiceNow in the 4th quarter valued at about $29,000. AdvisorNet Financial Inc grew its stake in ServiceNow by 266.7% in the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after acquiring an additional 32 shares during the last quarter. Sachetta LLC acquired a new stake in ServiceNow in the 4th quarter valued at about $35,000. Disciplined Equity Management Inc. acquired a new stake in ServiceNow in the 4th quarter valued at about $35,000. Finally, Fortitude Family Office LLC acquired a new stake in ServiceNow in the 4th quarter valued at about $41,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 1.6 %

Shares of NOW traded up $12.54 during mid-day trading on Friday, reaching $786.67. 1,721,786 shares of the stock traded hands, compared to its average volume of 1,451,259. The firm has a market cap of $161.27 billion, a price-to-earnings ratio of 84.14, a P/E/G ratio of 4.85 and a beta of 0.96. The stock has a fifty day simple moving average of $726.55 and a 200 day simple moving average of $741.06. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $815.32. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.41. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.59 billion. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. Sell-side analysts expect that ServiceNow, Inc. will post 6.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research reports. Wolfe Research reissued an “outperform” rating and issued a $830.00 price objective on shares of ServiceNow in a research note on Friday, May 10th. Morgan Stanley raised their price target on shares of ServiceNow from $814.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. Wells Fargo & Company raised their price target on shares of ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. UBS Group decreased their price target on shares of ServiceNow from $920.00 to $875.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, Jefferies Financial Group raised their price target on shares of ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $814.48.

Insider Activity

In other news, insider Nicholas Tzitzon sold 2,000 shares of ServiceNow stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the sale, the insider now owns 3,649 shares in the company, valued at $2,521,422.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Nicholas Tzitzon sold 2,000 shares of ServiceNow stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the sale, the insider now owns 3,649 shares in the company, valued at $2,521,422.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul John Smith sold 125 shares of ServiceNow stock in a transaction on Monday, May 13th. The stock was sold at an average price of $727.38, for a total transaction of $90,922.50. Following the completion of the sale, the insider now owns 3,112 shares of the company’s stock, valued at approximately $2,263,606.56. The disclosure for this sale can be found here. Insiders have sold 5,530 shares of company stock worth $3,997,012 over the last 90 days. Company insiders own 0.25% of the company’s stock.

ServiceNow 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.