ServiceNow, Inc. (NYSE:NOW) Shares Purchased by Oak Ridge Investments LLC

Key Points

• Oak Ridge Investments LLC has increased its stake in ServiceNow, Inc. by 4.9%, owning 11,790 shares valued at approximately $9.39 million.
• ServiceNow's quarterly earnings report showed $4.09 EPS, exceeding analysts' expectations, and revenue grew by 22.4% year-over-year to $3.22 billion.
• Analysts have recently upgraded ServiceNow's stock rating, with several firms setting target prices ranging from $1,000 to $1,300.

Oak Ridge Investments LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,790 shares of the information technology services provider's stock after purchasing an additional 549 shares during the period. ServiceNow accounts for 0.8% of Oak Ridge Investments LLC's portfolio, making the stock its 27th largest position. Oak Ridge Investments LLC's holdings in ServiceNow were worth $9,386,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOW. GAMMA Investing LLC increased its position in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Nuveen LLC acquired a new position in ServiceNow during the first quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its position in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of ServiceNow stock traded down $12.81 during trading hours on Thursday, reaching $850.49. The company's stock had a trading volume of 1,784,168 shares, compared to its average volume of 1,834,557. The company's 50 day simple moving average is $970.30 and its 200 day simple moving average is $937.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The stock has a market cap of $176.90 billion, a P/E ratio of 107.12, a price-to-earnings-growth ratio of 3.89 and a beta of 0.93.

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

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 84 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $860.57, for a total value of $72,287.88. Following the sale, the chief financial officer owned 11,572 shares of the company's stock, valued at $9,958,516.04. This trade represents a 0.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anita M. Sands sold 239 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director directly owned 10,404 shares in the company, valued at approximately $10,924,200. This trade represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,738 shares of company stock worth $5,713,973. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on NOW shares. Royal Bank Of Canada increased their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. DA Davidson increased their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. Finally, Barclays set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow 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.