Generali Investments Management Co LLC Buys New Position in ServiceNow, Inc. (NYSE:NOW)

Generali Investments Management Co LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,222 shares of the information technology services provider’s stock, valued at approximately $5,536,000. ServiceNow makes up about 1.4% of Generali Investments Management Co LLC’s investment portfolio, making the stock its 12th largest position.

Other large investors also recently made changes to their positions in the company. Polymer Capital Management HK LTD boosted its position in shares of ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the 4th quarter valued at about $48,802,000. Dock Street Asset Management Inc. boosted its position in shares of ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. bought a new position in shares of ServiceNow during the 4th quarter valued at about $105,090,000. Finally, Rheos Capital Works Inc. bought a new position in shares of ServiceNow during the 4th quarter valued at about $10,071,000. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Redburn Atlantic initiated coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating for the company. JPMorgan Chase & Co. upped their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Raymond James initiated coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective for the company. Citigroup reduced their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Truist Financial upped their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,100.31.

ServiceNow Trading Down 1.5 %

Shares of NOW stock opened at $830.11 on Wednesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $983.82 and its two-hundred day moving average is $985.60. The company has a market cap of $171.00 billion, a PE ratio of 121.54, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 over the last 90 days. Insiders own 0.25% of the company’s stock.

ServiceNow Company 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.