ServiceNow, Inc. $NOW Holdings Lowered by Generali Investments Towarzystwo Funduszy Inwestycyjnych

Key Points

• Generali Investments has reduced its holdings in ServiceNow, Inc. by 12.7%, now owning 4,800 shares valued at approximately $4.93 million, making it one of their largest positions.
• Analysts are generally optimistic about ServiceNow; ratings include two Strong Buy, thirty Buy, three Hold, and one Sell, with a current average target price of $1,124.17.
• ServiceNow reported a quarterly earnings per share of $4.09, exceeding estimates, and its annual revenue showed a robust 22.4% growth year-over-year.

Generali Investments Towarzystwo Funduszy Inwestycyjnych lowered its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,800 shares of the information technology services provider's stock after selling 700 shares during the period. ServiceNow comprises about 2.6% of Generali Investments Towarzystwo Funduszy Inwestycyjnych's investment portfolio, making the stock its 8th biggest position. Generali Investments Towarzystwo Funduszy Inwestycyjnych's holdings in ServiceNow were worth $4,935,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Asset Management One Co. Ltd. increased its holdings in shares of ServiceNow by 2.3% in the second quarter. Asset Management One Co. Ltd. now owns 106,625 shares of the information technology services provider's stock worth $109,619,000 after buying an additional 2,433 shares during the period. R Squared Ltd increased its stake in ServiceNow by 37.8% in the 2nd quarter. R Squared Ltd now owns 1,240 shares of the information technology services provider's stock worth $1,275,000 after purchasing an additional 340 shares during the period. AlTi Global Inc. lifted its position in ServiceNow by 112.9% in the second quarter. AlTi Global Inc. now owns 1,043 shares of the information technology services provider's stock valued at $1,068,000 after purchasing an additional 553 shares during the last quarter. Cardinal Point Capital Management ULC boosted its stake in shares of ServiceNow by 30.5% during the second quarter. Cardinal Point Capital Management ULC now owns 577 shares of the information technology services provider's stock valued at $593,000 after purchasing an additional 135 shares during the period. Finally, Guardian Asset Advisors LLC bought a new position in shares of ServiceNow in the second quarter worth approximately $342,000. 87.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NOW shares. DA Davidson increased their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. BMO Capital Markets raised their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. UBS Group lowered their price target on ServiceNow from $1,100.00 to $1,075.00 and set a "buy" rating for the company in a research report on Tuesday, October 14th. Zacks Research upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Monday, October 13th. Finally, Needham & Company LLC upped their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,124.17.

ServiceNow Stock Performance

Shares of NOW stock opened at $939.60 on Friday. The company's fifty day moving average price is $916.59 and its 200-day moving average price is $939.53. The stock has a market cap of $195.44 billion, a PE ratio of 118.34, a price-to-earnings-growth ratio of 4.21 and a beta of 0.92. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. 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 posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 earnings per share. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value 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 trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock worth $16,798,825 over the last three months. 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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