Generate Investment Management Ltd Purchases 9,436 Shares of ServiceNow, Inc. $NOW

Generate Investment Management Ltd raised its position in ServiceNow, Inc. (NYSE:NOW) by 242.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 13,322 shares of the information technology services provider’s stock after buying an additional 9,436 shares during the quarter. Generate Investment Management Ltd’s holdings in ServiceNow were worth $13,696,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new stake in ServiceNow during the first quarter worth $382,000. Corient IA LLC acquired a new position in shares of ServiceNow during the 1st quarter worth $796,000. Parr Mcknight Wealth Management Group LLC bought a new stake in shares of ServiceNow during the 1st quarter worth $1,820,000. Goldman Sachs Group Inc. lifted its position in shares of ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after buying an additional 840,731 shares during the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new stake in ServiceNow in the first quarter valued at about $19,278,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

NYSE NOW opened at $936.76 on Monday. The company has a market capitalization of $194.85 billion, a price-to-earnings ratio of 117.98, a PEG ratio of 4.22 and a beta of 0.91. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock has a fifty day simple moving average of $919.74 and a 200 day simple moving average of $927.82.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business’s revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.13 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Piper Sandler increased their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Erste Group Bank reiterated a “hold” rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Citigroup raised their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. UBS Group decreased their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating on the stock in a research note on Thursday, July 24th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

Insiders Place Their Bets

In other news, insider Paul Fipps sold 1,452 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the sale, the insider directly owned 457 shares of the company’s stock, valued at approximately $409,037.85. This represents a 76.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 over the last three months. Insiders own 0.38% of the company’s stock.

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.