Merrion Investment Management Co LLC Purchases Shares of 200 ServiceNow, Inc. (NYSE:NOW)

Merrion Investment Management Co LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 200 shares of the information technology services provider’s stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Milestone Asset Management LLC purchased a new position in ServiceNow in the 4th quarter valued at approximately $750,000. Hanson & Doremus Investment Management boosted its position in ServiceNow by 5.2% in the 4th quarter. Hanson & Doremus Investment Management now owns 427 shares of the information technology services provider’s stock valued at $453,000 after buying an additional 21 shares during the period. Orrstown Financial Services Inc. lifted its position in shares of ServiceNow by 1.8% during the 4th quarter. Orrstown Financial Services Inc. now owns 739 shares of the information technology services provider’s stock worth $783,000 after purchasing an additional 13 shares during the last quarter. Field & Main Bank lifted its position in shares of ServiceNow by 7.3% during the 4th quarter. Field & Main Bank now owns 1,918 shares of the information technology services provider’s stock worth $2,033,000 after purchasing an additional 130 shares during the last quarter. Finally, Allen Capital Group LLC lifted its position in shares of ServiceNow by 24.1% during the 4th quarter. Allen Capital Group LLC now owns 674 shares of the information technology services provider’s stock worth $715,000 after purchasing an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $11,710,600. The trade was a 16.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock valued at $21,016,751 over the last 90 days. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,144.86 on Thursday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company has a 50 day moving average price of $1,082.77 and a 200 day moving average price of $950.94. The firm has a market capitalization of $235.84 billion, a price-to-earnings ratio of 178.05, a price-to-earnings-growth ratio of 5.11 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. Sell-side analysts anticipate that ServiceNow, Inc. will post 7.06 EPS for the current year.

ServiceNow declared that its board has approved a share buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent analyst reports. Guggenheim reaffirmed a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. Oppenheimer lifted their price objective on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Canaccord Genuity Group lifted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. UBS Group lifted their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, BMO Capital Markets lifted their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,116.14.

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.