Meridian Wealth Partners LLC Purchases New Shares in ServiceNow, Inc. (NYSE:NOW)

Meridian Wealth Partners LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 223 shares of the information technology services provider’s stock, valued at approximately $236,000.

Other large investors have also recently made changes to their positions in the company. Atala Financial Inc purchased a new stake in shares of ServiceNow during the 4th quarter valued at $28,000. Truvestments Capital LLC purchased a new stake in shares of ServiceNow during the 3rd quarter valued at $30,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow during the 4th quarter valued at $32,000. FPC Investment Advisory Inc. increased its position in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in shares of ServiceNow during the 4th quarter valued at $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $827.92 on Friday. The stock has a market cap of $170.55 billion, a price-to-earnings ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock’s 50-day moving average is $971.31 and its 200 day moving average is $984.34.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has initiated a stock buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, Director Jeffrey A. Miller sold 2,282 shares of ServiceNow stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the transaction, the director now directly owns 40,638 shares of the company’s stock, valued at $41,883,148.32. The trade was a 5.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

NOW has been the subject of several research analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. JPMorgan Chase & Co. increased their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Raymond James initiated coverage on ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. Redburn Atlantic initiated coverage on ServiceNow in a research note on Wednesday, February 19th. They set a “buy” rating for the company. Finally, Guggenheim reiterated a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,100.31.

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.