First Merchants Corp Purchases 98 Shares of ServiceNow, Inc. (NYSE:NOW)

by · The Markets Daily

First Merchants Corp grew its stake in ServiceNow, Inc. (NYSE:NOW – Free Report) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,233 shares of the information technology services provider’s stock after acquiring 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.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after acquiring an additional 190,430 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. FMR LLC raised its stake in shares of ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after buying an additional 272,506 shares during the last quarter. Geode Capital Management LLC lifted its holdings in ServiceNow by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock valued at $4,560,890,000 after buying an additional 100,670 shares during the period. Finally, GAMMA Investing LLC boosted its stake in ServiceNow by 87,501.3% in the first 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 acquiring an additional 2,686,291 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $1,012.73 on Friday. The firm has a market capitalization of $209.61 billion, a P/E ratio of 137.60, a PEG ratio of 4.62 and a beta of 0.95. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week 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 company has a 50 day moving average price of $980.58 and a 200 day moving average price of $967.95.

ServiceNow (NYSE:NOW – Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the firm earned $3.41 EPS. The firm’s revenue was up 18.6% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays set a $1,085.00 target price on ServiceNow in a research note on Wednesday, May 7th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $1,003.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Canaccord Genuity Group lowered their target price on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. BMO Capital Markets boosted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Wednesday, May 14th. Finally, FBN Securities upgraded ServiceNow to a “strong-buy” rating in a research note on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,065.32.

Check Out Our Latest Research Report on NOW

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anita M. Sands sold 248 shares of the company’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $1,009.14, for a total value of $250,266.72. Following the completion of the sale, the director now owns 10,643 shares in the company, valued at $10,740,277.02. The trade was a 2.28% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by insiders.

About ServiceNow

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW – Free Report).