ServiceNow, Inc. $NOW Shares Purchased by Oak Grove Capital LLC

Oak Grove Capital LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 88.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,550 shares of the information technology services provider’s stock after purchasing an additional 1,200 shares during the period. ServiceNow accounts for approximately 0.4% of Oak Grove Capital LLC’s investment portfolio, making the stock its 28th biggest position. Oak Grove Capital LLC’s holdings in ServiceNow were worth $2,622,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of NOW. Nuveen LLC acquired a new position in shares of ServiceNow during the 1st quarter worth about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its stake in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Parnassus Investments LLC purchased a new stake in ServiceNow during the 1st quarter valued at about $519,806,000. Finally, Amundi grew its stake in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after acquiring an additional 626,623 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

ServiceNow stock opened at $929.77 on Monday. The firm has a 50 day simple moving average of $917.85 and a 200-day simple moving average of $943.26. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market cap of $193.39 billion, a price-to-earnings ratio of 117.10, a price-to-earnings-growth ratio of 4.20 and a beta of 0.92.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Erste Group Bank reaffirmed a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Jefferies Financial Group upped their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. DA Davidson upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Finally, BMO Capital Markets upped their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,124.17.

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 1,762 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares of the company’s stock, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company’s stock, valued at $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is owned by company insiders.

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.