First Merchants Corp Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

First Merchants Corp increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,233 shares of the information technology services provider’s stock after purchasing an additional 98 shares during the period. First Merchants Corp’s holdings in ServiceNow were worth $8,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in ServiceNow by 87,501.3% in 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 purchasing an additional 2,686,291 shares in the last quarter. Norges Bank acquired a new position in shares of ServiceNow in the fourth quarter worth $2,603,360,000. Proficio Capital Partners LLC grew its position 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 buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in shares of ServiceNow during the 4th quarter worth $682,468,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 0.8%

Shares of NOW stock opened at $1,012.73 on Friday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. The firm has a market cap of $209.61 billion, a PE ratio of 137.60, a price-to-earnings-growth ratio of 4.62 and a beta of 0.95. The stock has a 50 day moving average of $980.58 and a 200-day moving average of $967.95.

ServiceNow (NYSE:NOW) last announced its earnings results 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 business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. ServiceNow’s revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.41 earnings per share. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. BMO Capital Markets raised their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 14th. JMP Securities restated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Tuesday, May 6th. The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research report on Thursday, April 24th. Sanford C. Bernstein restated an “outperform” rating and set a $1,003.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Finally, FBN Securities upgraded ServiceNow to a “strong-buy” rating in a report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,065.32.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider now directly owns 3,000 shares of the company’s stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anita M. Sands sold 248 shares of ServiceNow stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total value of $250,266.72. Following the sale, the director now directly owns 10,643 shares in the company, valued at $10,740,277.02. The trade was a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock valued at $6,611,245 over the last three months. 0.38% of the stock is owned by corporate insiders.

ServiceNow Company 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.