Oak Ridge Investments LLC Has $12.25 Million Stake in ServiceNow, Inc. $NOW

Oak Ridge Investments LLC grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,911 shares of the information technology services provider’s stock after buying an additional 121 shares during the period. ServiceNow accounts for about 0.9% of Oak Ridge Investments LLC’s portfolio, making the stock its 26th biggest holding. Oak Ridge Investments LLC’s holdings in ServiceNow were worth $12,245,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NOW. Nuveen LLC acquired a new stake in ServiceNow during the 1st quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings 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 worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings 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 worth $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Parnassus Investments LLC acquired a new stake in ServiceNow during the 1st quarter worth approximately $519,806,000. Finally, Amundi lifted its holdings in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock worth $1,269,777,000 after purchasing an additional 626,623 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NYSE NOW opened at $888.63 on Friday. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The business has a fifty day moving average price of $909.21 and a two-hundred day moving average price of $932.27. 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 capitalization of $184.84 billion, a PE ratio of 111.92, a P/E/G ratio of 4.00 and a beta of 0.92.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $3.12 billion. During the same period in the prior year, the company earned $3.13 EPS. ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the company’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock worth $16,798,825 over the last quarter. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on NOW. Citigroup lifted their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Oppenheimer reissued an “outperform” rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Wells Fargo & Company lifted their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Bank of America lifted their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,122.20.

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.