ServiceNow, Inc. (NYSE:NOW – Get Rating) – Equities research analysts at Zacks Research increased their Q2 2023 earnings estimates for ServiceNow in a research report issued to clients and investors on Wednesday, April 19th. Zacks Research analyst A. Ganguly now anticipates that the information technology services provider will earn $0.29 per share for the quarter, up from their previous forecast of $0.28. The consensus estimate for ServiceNow’s current full-year earnings is $2.71 per share. Zacks Research also issued estimates for ServiceNow’s FY2023 earnings at $2.03 EPS, Q2 2024 earnings at $0.50 EPS, Q3 2024 earnings at $0.62 EPS, Q4 2024 earnings at $0.76 EPS, FY2024 earnings at $2.47 EPS, Q1 2025 earnings at $0.72 EPS and FY2025 earnings at $3.35 EPS.
Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price target on ServiceNow from $485.00 to $500.00 and gave the company an “overweight” rating in a research note on Thursday, January 26th. StockNews.com started coverage on ServiceNow in a research note on Thursday, March 16th. They issued a “buy” rating for the company. Wells Fargo & Company boosted their price target on ServiceNow from $550.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, January 26th. Sanford C. Bernstein lowered their price target on ServiceNow from $641.00 to $586.00 and set an “outperform” rating for the company in a research note on Thursday, January 26th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on ServiceNow from $625.00 to $525.00 and set a “buy” rating for the company in a research report on Monday, January 23rd. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $529.28.
ServiceNow Trading Up 1.2 %
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings data on Wednesday, January 25th. The information technology services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.28. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.93 billion. ServiceNow had a return on equity of 9.37% and a net margin of 4.49%.
Institutional Investors Weigh In On ServiceNow
Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in ServiceNow by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 16,866,914 shares of the information technology services provider’s stock valued at $6,369,116,000 after acquiring an additional 320,130 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in ServiceNow by 5.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,835,423 shares of the information technology services provider’s stock valued at $5,760,149,000 after buying an additional 727,494 shares during the period. State Street Corp lifted its position in shares of ServiceNow by 2.3% during the 3rd quarter. State Street Corp now owns 7,969,975 shares of the information technology services provider’s stock worth $3,009,542,000 after purchasing an additional 182,606 shares during the last quarter. Morgan Stanley lifted its position in shares of ServiceNow by 4.3% during the 4th quarter. Morgan Stanley now owns 7,071,786 shares of the information technology services provider’s stock worth $2,745,763,000 after purchasing an additional 288,522 shares during the last quarter. Finally, Polen Capital Management LLC lifted its position in shares of ServiceNow by 12.6% during the 4th quarter. Polen Capital Management LLC now owns 4,452,974 shares of the information technology services provider’s stock worth $1,728,956,000 after purchasing an additional 499,675 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at ServiceNow
In other ServiceNow news, insider Jacqueline P. Canney sold 1,083 shares of the stock in a transaction on Friday, January 27th. The stock was sold at an average price of $461.03, for a total value of $499,295.49. Following the completion of the sale, the insider now owns 267 shares in the company, valued at approximately $123,095.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Paul John Smith sold 2,301 shares of ServiceNow stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $447.22, for a total transaction of $1,029,053.22. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 1,083 shares of ServiceNow stock in a transaction on Friday, January 27th. The stock was sold at an average price of $461.03, for a total transaction of $499,295.49. Following the completion of the transaction, the insider now directly owns 267 shares in the company, valued at $123,095.01. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,629 shares of company stock valued at $29,974,024. 0.28% of the stock is owned by corporate insiders.
About ServiceNow
ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. The company was founded by Frederic B.
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