Meridian Wealth Management LLC boosted its holdings in shares of ServiceNow Inc (NYSE:NOW) by 5.1% in the second quarter, HoldingsChannel reports. The firm owned 2,716 shares of the information technology services provider’s stock after acquiring an additional 132 shares during the period. Meridian Wealth Management LLC’s holdings in ServiceNow were worth $746,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NOW. GQG Partners LLC increased its holdings in ServiceNow by 444.8% during the 1st quarter. GQG Partners LLC now owns 985,385 shares of the information technology services provider’s stock valued at $242,370,000 after purchasing an additional 804,514 shares in the last quarter. Jennison Associates LLC increased its holdings in ServiceNow by 26.2% during the 1st quarter. Jennison Associates LLC now owns 3,036,568 shares of the information technology services provider’s stock valued at $748,484,000 after purchasing an additional 630,491 shares in the last quarter. Carillon Tower Advisers Inc. increased its holdings in ServiceNow by 60.2% during the 1st quarter. Carillon Tower Advisers Inc. now owns 701,244 shares of the information technology services provider’s stock valued at $172,849,000 after purchasing an additional 263,615 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in ServiceNow by 4,071.9% during the 1st quarter. CIBC Private Wealth Group LLC now owns 201,126 shares of the information technology services provider’s stock valued at $49,576,000 after purchasing an additional 196,305 shares in the last quarter. Finally, Scout Investments Inc. increased its holdings in ServiceNow by 97.4% during the 1st quarter. Scout Investments Inc. now owns 374,873 shares of the information technology services provider’s stock valued at $92,402,000 after purchasing an additional 184,944 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts recently weighed in on NOW shares. KeyCorp cut Masco from an “overweight” rating to a “sector weight” rating in a report on Thursday, July 25th. BMO Capital Markets dropped their price target on Lundin Mining from C$8.25 to C$8.00 in a report on Thursday, July 25th. BTIG Research reaffirmed a “buy” rating and set a $320.00 price target on shares of ServiceNow in a report on Thursday, July 25th. Credit Suisse Group reaffirmed a “buy” rating and set a $425.00 price target on shares of Boeing in a report on Thursday, July 25th. Finally, William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Thursday, July 25th. Four analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $287.86.

In other ServiceNow news, insider Chirantan Jitendra Desai sold 1,563 shares of ServiceNow stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $302.30, for a total transaction of $472,494.90. Following the transaction, the insider now directly owns 32,824 shares in the company, valued at $9,922,695.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Frederic B. Luddy sold 21,103 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $263.72, for a total value of $5,565,283.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,322 shares of company stock worth $32,554,009. Corporate insiders own 1.00% of the company’s stock.

NOW stock traded down $0.67 during midday trading on Tuesday, hitting $285.17. 690,038 shares of the company’s stock were exchanged, compared to its average volume of 1,481,434. The stock’s fifty day moving average is $286.68. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $53.68 billion, a P/E ratio of 1,425.85, a PEG ratio of 21.92 and a beta of 1.33. ServiceNow Inc has a one year low of $147.63 and a one year high of $303.17.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The firm had revenue of $833.90 million for the quarter, compared to analyst estimates of $831.50 million. ServiceNow had a return on equity of 4.44% and a net margin of 0.09%. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 earnings per share. On average, analysts predict that ServiceNow Inc will post 0.47 earnings per share for the current fiscal year.

ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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