Generali Investments Management Co LLC Invests $5.54 Million in ServiceNow, Inc. (NYSE:NOW)

Generali Investments Management Co LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 5,222 shares of the information technology services provider’s stock, valued at approximately $5,536,000. ServiceNow makes up approximately 1.4% of Generali Investments Management Co LLC’s portfolio, making the stock its 12th biggest holding.

Other institutional investors have also recently bought and sold shares of the company. Atala Financial Inc acquired a new stake in ServiceNow during the fourth quarter worth $28,000. Truvestments Capital LLC acquired a new stake in ServiceNow during the third quarter worth $30,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the fourth quarter worth $32,000. FPC Investment Advisory Inc. boosted its stake in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new stake in ServiceNow during the fourth quarter worth $34,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW stock opened at $830.11 on Wednesday. The stock has a 50-day moving average price of $983.82 and a 200 day moving average price of $985.60. 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 firm has a market cap of $171.00 billion, a price-to-earnings ratio of 121.54, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

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

ServiceNow declared that its board has initiated a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of recent research reports. TD Cowen lifted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler lifted their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Mizuho cut their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a report on Tuesday, March 11th. Finally, Scotiabank cut their price objective on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a report on Monday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,100.31.

About ServiceNow

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.