Meyer Handelman Co. Buys New Stake in ServiceNow, Inc. (NYSE:NOW)

Meyer Handelman Co. bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 825 shares of the information technology services provider’s stock, valued at approximately $629,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Managment Co. acquired a new position in ServiceNow during the fourth quarter valued at $29,000. AdvisorNet Financial Inc raised its position in shares of ServiceNow by 266.7% in the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after acquiring an additional 32 shares during the period. Sachetta LLC acquired a new position in shares of ServiceNow in the fourth quarter worth about $35,000. Disciplined Equity Management Inc. acquired a new position in shares of ServiceNow in the fourth quarter worth about $35,000. Finally, Fortitude Family Office LLC acquired a new position in shares of ServiceNow in the fourth quarter worth about $41,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $727.38, for a total value of $90,922.50. Following the sale, the insider now directly owns 3,112 shares in the company, valued at approximately $2,263,606.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Nicholas Tzitzon sold 2,000 shares of ServiceNow stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $2,521,422.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul John Smith sold 125 shares of ServiceNow stock in a transaction on Monday, May 13th. The stock was sold at an average price of $727.38, for a total transaction of $90,922.50. Following the sale, the insider now owns 3,112 shares in the company, valued at $2,263,606.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,530 shares of company stock worth $3,997,012. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

ServiceNow stock opened at $749.33 on Friday. The firm has a market cap of $153.61 billion, a PE ratio of 80.14, a price-to-earnings-growth ratio of 4.60 and a beta of 0.96. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $815.32. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $723.59 and its two-hundred day moving average is $738.85.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.41. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.59 billion. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. On average, research analysts expect that ServiceNow, Inc. will post 6.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on NOW shares. Wolfe Research reiterated an “outperform” rating and issued a $830.00 price objective on shares of ServiceNow in a research report on Friday, May 10th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. KeyCorp reduced their price target on shares of ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Jefferies Financial Group upped their price target on shares of ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Finally, Robert W. Baird upped their price target on shares of ServiceNow from $870.00 to $885.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $814.48.

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.