Oak Grove Capital LLC Boosts Stake in ServiceNow, Inc. $NOW

Oak Grove Capital LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 88.9% in the second quarter, HoldingsChannel.com reports. The firm owned 2,550 shares of the information technology services provider’s stock after buying an additional 1,200 shares during the period. ServiceNow accounts for approximately 0.4% of Oak Grove Capital LLC’s portfolio, making the stock its 28th largest holding. Oak Grove Capital LLC’s holdings in ServiceNow were worth $2,622,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. acquired a new stake in ServiceNow during the 2nd quarter worth approximately $30,000. LGT Financial Advisors LLC acquired a new stake in ServiceNow during the 2nd quarter worth approximately $32,000. Bogart Wealth LLC lifted its holdings in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in ServiceNow during the 1st quarter worth approximately $26,000. Finally, Richardson Financial Services Inc. lifted its holdings in ServiceNow by 50.0% during the 2nd quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider’s stock worth $33,000 after buying an additional 11 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction 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 sale, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% 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 three months. Company insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $929.77 on Monday. The company’s fifty day moving average price is $917.85 and its 200 day moving average price is $943.26. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month 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 firm has a market capitalization of $193.39 billion, a P/E ratio of 117.10, a P/E/G ratio of 4.20 and a beta of 0.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NOW shares. Weiss Ratings reiterated a “hold (c)” rating on shares of ServiceNow in a report on Saturday. Oppenheimer restated an “outperform” rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. UBS Group reduced their price objective on shares of ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating on the stock in a report on Tuesday, October 14th. Guggenheim restated a “sell” rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Finally, Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,124.17.

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.