ServiceNow, Inc. (NYSE:NOW) Shares Sold by Oak Grove Capital LLC

Key Points

• Oak Grove Capital LLC has reduced its stake in ServiceNow, Inc. by 35.8%, now owning 1,350 shares valued at approximately $1,075,000.
• ServiceNow reported a 22.4% increase in revenue year-over-year, with earnings of $4.09 per share exceeding analysts' expectations.
• Multiple analysts have upgraded their ratings and price targets for ServiceNow, with some suggesting prices could reach between $1,200 and $1,234.

Oak Grove Capital LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 35.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,350 shares of the information technology services provider's stock after selling 753 shares during the period. Oak Grove Capital LLC's holdings in ServiceNow were worth $1,075,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake in shares of ServiceNow by 8.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,132 shares of the information technology services provider's stock worth $901,000 after purchasing an additional 84 shares during the last quarter. Kimelman & Baird LLC boosted its stake in shares of ServiceNow by 9,000.0% during the 1st quarter. Kimelman & Baird LLC now owns 91 shares of the information technology services provider's stock worth $72,000 after purchasing an additional 90 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of ServiceNow by 4.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 300,334 shares of the information technology services provider's stock worth $239,100,000 after purchasing an additional 13,154 shares during the last quarter. Horizon Investments LLC boosted its stake in shares of ServiceNow by 7.9% during the 1st quarter. Horizon Investments LLC now owns 6,704 shares of the information technology services provider's stock worth $5,337,000 after purchasing an additional 492 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of ServiceNow during the 1st quarter worth about $397,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on NOW shares. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and increased their price objective for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Citigroup increased their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Down 1.5%

Shares of NYSE:NOW opened at $850.49 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $970.30 and a 200 day simple moving average of $937.15. The firm has a market cap of $176.90 billion, a PE ratio of 107.12, a price-to-earnings-growth ratio of 3.89 and a beta of 0.93. 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 issued 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. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.13 earnings per share. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, Director Lawrence Jackson sold 757 shares of ServiceNow stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the transaction, the director owned 588 shares of the company's stock, valued at $582,414. The trade was a 56.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 84 shares of ServiceNow stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $860.57, for a total transaction of $72,287.88. Following the completion of the transaction, the chief financial officer directly owned 11,572 shares of the company's stock, valued at approximately $9,958,516.04. This represents a 0.72% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,738 shares of company stock valued at $5,713,973. 0.38% of the stock is owned by 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.

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