Oak Harvest Investment Services Trims Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Oak Harvest Investment Services reduced its stake in ServiceNow by 58.7%, owning 1,007 shares valued at approximately $802,000 after selling 1,432 shares in the first quarter.
• ServiceNow reported a strong earnings per share (EPS) of $4.09 for the latest quarter, beating analysts' expectations by $0.52, with revenue growth of 22.4% year-over-year.
• Several institutional investors have increased their positions in ServiceNow, with 87.18% of the stock currently owned by hedge funds and institutional investors.

Oak Harvest Investment Services reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 58.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,007 shares of the information technology services provider's stock after selling 1,432 shares during the quarter. Oak Harvest Investment Services' holdings in ServiceNow were worth $802,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC lifted its position in shares of ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after acquiring an additional 12,533 shares in the last quarter. Corient IA LLC acquired a new position in ServiceNow in the first quarter valued at $796,000. Parr Mcknight Wealth Management Group LLC acquired a new position in ServiceNow in the first quarter valued at $1,820,000. ASR Vermogensbeheer N.V. acquired a new position in ServiceNow in the first quarter valued at $19,278,000. Finally, Nicholas Investment Partners LP increased its stake in ServiceNow by 223.5% in the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after purchasing an additional 1,938 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $885.7930 on Friday. The firm has a market capitalization of $184.24 billion, a PE ratio of 111.56, a P/E/G ratio of 4.00 and a beta of 0.93. 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 business has a 50-day moving average of $955.00 and a two-hundred day moving average of $929.03. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm earned $3.13 earnings per share. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares of the company's stock, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,096 shares of company stock valued at $14,807,562. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the subject of several analyst reports. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Raymond James Financial upped their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Stifel Nicolaus upped their target price on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and upped their target price for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Finally, Barclays set a $1,210.00 target price on ServiceNow in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

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.

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