ServiceNow, Inc. $NOW Shares Bought by Generate Investment Management Ltd

Key Points

• Generate Investment Management increased its ServiceNow stake by 193.1% in the first quarter, adding 120,684 shares to reach 183,184 shares valued at about $19.15 million.
• ServiceNow reported quarterly earnings of $0.97 per share, matching analyst expectations, while revenue of $3.77 billion topped estimates and rose 22.1% year over year.
• Analysts remain broadly constructive on the stock, with an average rating of “Moderate Buy” and an average price target of $142.17, even as insiders have recently sold shares.

Generate Investment Management Ltd boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 193.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 183,184 shares of the information technology services provider's stock after buying an additional 120,684 shares during the quarter. ServiceNow accounts for about 0.9% of Generate Investment Management Ltd's portfolio, making the stock its 27th largest holding. Generate Investment Management Ltd's holdings in ServiceNow were worth $19,152,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. IAG Wealth Partners LLC boosted its holdings in ServiceNow by 200.0% in the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 18 shares during the last quarter. Noble Wealth Management PBC grew its position in ServiceNow by 400.0% during the 4th quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 128 shares during the period. Millstone Evans Group LLC raised its stake in shares of ServiceNow by 400.0% during the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after buying an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its stake in shares of ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after buying an additional 135 shares during the last quarter. Finally, Blueline Advisors LLC acquired a new position in shares of ServiceNow in the 4th quarter valued at about $25,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Paul Fipps sold 1,048 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the transaction, the insider directly owned 12,072 shares of the company's stock, valued at $1,189,212.72. This represents a 7.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the transaction, the insider owned 29,531 shares in the company, valued at $2,645,977.60. This trade represents a 23.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 28,071 shares of company stock valued at $2,529,956. Corporate insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NOW. Wolfe Research set a $125.00 target price on ServiceNow in a research note on Thursday, April 23rd. Needham & Company LLC reiterated a "buy" rating and set a $115.00 price target on shares of ServiceNow in a research report on Tuesday, May 5th. HSBC decreased their price target on ServiceNow from $226.00 to $171.00 and set a "buy" rating for the company in a report on Thursday, April 16th. DA Davidson reaffirmed a "buy" rating and set a $190.00 price objective on shares of ServiceNow in a research note on Tuesday, May 5th. Finally, UBS Group reaffirmed an "outperform" rating on shares of ServiceNow in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $142.17.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $92.96 on Tuesday. The firm has a market cap of $95.84 billion, a PE ratio of 55.40, a P/E/G ratio of 1.58 and a beta of 0.94. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $211.48. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $99.62 and a 200 day moving average price of $116.97.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. ServiceNow's revenue for the quarter was up 22.1% on a year-over-year basis. Sell-side analysts predict that ServiceNow, Inc. will post 2.34 earnings per share for the current fiscal year.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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