Merrion Investment Management Co LLC Makes New $212,000 Investment in ServiceNow, Inc. (NYSE:NOW)

Merrion Investment Management Co LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 200 shares of the information technology services provider’s stock, valued at approximately $212,000.

Several other large investors also recently added to or reduced their stakes in the stock. World Investment Advisors LLC boosted its position in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares during the period. International Assets Investment Management LLC boosted its position in shares of ServiceNow by 89,137.0% during the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after buying an additional 1,183,739 shares during the period. Bank of Montreal Can boosted its position in shares of ServiceNow by 216.6% during the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after buying an additional 935,848 shares during the period. Wellington Management Group LLP boosted its position in shares of ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after buying an additional 615,797 shares during the period. Finally, FMR LLC boosted its position in shares of ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Down 2.2 %

NOW stock opened at $1,144.86 on Thursday. The company has a market cap of $235.84 billion, a price-to-earnings ratio of 178.05, a PEG ratio of 5.11 and a beta of 0.99. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a 50-day moving average of $1,082.77 and a two-hundred day moving average of $950.94.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. As a group, analysts forecast that ServiceNow, Inc. will post 7.06 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NOW shares. Piper Sandler boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Robert W. Baird boosted their price target on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Oppenheimer boosted their price target on ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Barclays boosted their price target on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Guggenheim reiterated a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,116.14.

Insider Buying and Selling at ServiceNow

In other news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,731 shares of company stock worth $21,016,751. Insiders own 0.25% of the company’s stock.

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.