Meyer Handelman Co. Invests $629,000 in ServiceNow, Inc. (NYSE:NOW)

Meyer Handelman Co. acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 825 shares of the information technology services provider’s stock, valued at approximately $629,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOW. Norges Bank bought a new position in ServiceNow during the fourth quarter valued at approximately $1,648,259,000. International Assets Investment Management LLC grew its holdings in ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock valued at $580,486,000 after purchasing an additional 820,465 shares during the last quarter. Cerity Partners LLC grew its holdings in ServiceNow by 1,073.7% during the fourth quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock valued at $287,020,000 after purchasing an additional 371,648 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in ServiceNow by 18.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after purchasing an additional 271,153 shares during the last quarter. Finally, Coatue Management LLC acquired a new position in ServiceNow during the fourth quarter valued at approximately $168,217,000. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of several analyst reports. Guggenheim reiterated a “neutral” rating on shares of ServiceNow in a report on Monday, April 15th. Citigroup increased their price target on ServiceNow from $896.00 to $906.00 and gave the company a “buy” rating in a report on Thursday, April 18th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Tuesday, May 7th. KeyCorp decreased their price target on shares of ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $830.00 price objective on shares of ServiceNow in a research report on Friday, May 10th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $814.48.

ServiceNow Trading Up 2.0 %

NYSE NOW opened at $749.33 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $153.61 billion, a P/E ratio of 80.14, a P/E/G ratio of 4.60 and a beta of 0.96. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $815.32. The stock’s 50-day moving average is $723.59 and its 200-day moving average is $738.85.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.59 billion. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. Sell-side analysts anticipate that ServiceNow, Inc. will post 6.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ServiceNow news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $727.38, for a total value of $90,922.50. Following the completion of the transaction, the insider now directly owns 3,112 shares in the company, valued at $2,263,606.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other ServiceNow news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $727.38, for a total value of $90,922.50. Following the completion of the transaction, the insider now directly owns 3,112 shares in the company, valued at $2,263,606.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nicholas Tzitzon sold 2,000 shares of ServiceNow stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $690.99, for a total value of $1,381,980.00. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $2,521,422.51. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,530 shares of company stock worth $3,997,012. 0.25% 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.