Generali Investments Towarzystwo Funduszy Inwestycyjnych Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Generali Investments Towarzystwo Funduszy Inwestycyjnych trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 11.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,200 shares of the information technology services provider’s stock after selling 400 shares during the period. ServiceNow makes up about 2.0% of Generali Investments Towarzystwo Funduszy Inwestycyjnych’s investment portfolio, making the stock its 13th largest holding. Generali Investments Towarzystwo Funduszy Inwestycyjnych’s holdings in ServiceNow were worth $3,392,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Polymer Capital Management HK LTD boosted its stake in 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 during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the 4th quarter valued at $48,802,000. Dock Street Asset Management Inc. lifted its holdings 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 buying an additional 1,105 shares during the period. Avidian Wealth Enterprises LLC lifted its holdings in shares of ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after buying an additional 138 shares during the period. Finally, Venturi Wealth Management LLC lifted its holdings in shares of ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after buying an additional 765 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $920.73 on Friday. 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 company has a market capitalization of $189.67 billion, a price-to-earnings ratio of 134.81, a PEG ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The stock’s 50-day simple moving average is $1,041.30 and its 200-day simple moving average is $980.81.

ServiceNow (NYSE:NOW) last posted its earnings results 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%. As a group, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Guggenheim reissued a “sell” rating and set a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. Canaccord Genuity Group increased their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a report on Thursday, January 30th. TD Cowen increased their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Robert W. Baird lowered their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Finally, Redburn Atlantic began coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

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.