Generate Investment Management Ltd Invests $3.09 Million in ServiceNow, Inc. (NYSE:NOW)

Generate Investment Management Ltd purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 3,886 shares of the information technology services provider's stock, valued at approximately $3,094,000.

A number of other institutional investors also recently modified their holdings of NOW. Quarry LP acquired a new position in shares of ServiceNow during the 4th quarter worth $27,000. Atala Financial Inc acquired a new stake in ServiceNow during the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the 4th quarter valued at approximately $32,000. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $34,000. Finally, Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

NYSE:NOW opened at $995.87 on Wednesday. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $971.58 and a 200-day moving average of $968.44. The firm has a market cap of $206.13 billion, a price-to-earnings ratio of 135.31, a price-to-earnings-growth ratio of 4.52 and a beta of 0.95.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period in the prior year, the firm earned $3.41 earnings per share. The firm's revenue was up 18.6% compared to the same quarter last year. Analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on NOW shares. Raymond James Financial reduced their price objective on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research report on Tuesday, April 8th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. Canaccord Genuity Group decreased their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Oppenheimer reaffirmed an "outperform" rating and set a $1,100.00 target price (up previously from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Erste Group Bank raised ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,062.50.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider now owns 3,000 shares of the company's stock, valued at approximately $3,060,000. This trade represents a 28.07% 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 hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the transaction, the chief executive officer now owns 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock worth $6,611,245 over the last 90 days. Corporate insiders own 0.38% of the company's stock.

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.

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