FY2022 EPS Estimates for ServiceNow, Inc. (NYSE:NOW) Analyst Downgrade

ServiceNow, Inc. (NYSE:NOW – Get Rating) – Stock analysts at Jefferies Financial Group dropped their FY2022 earnings per share (EPS) estimates for ServiceNow in a research report issued to clients and investors on Monday, October 24th. Jefferies Financial Group analyst S. Samana now forecasts that the information technology services provider will earn $1.71 per share for the year, down from their prior forecast of $1.75. The consensus estimate for ServiceNow’s current full-year earnings is $1.71 per share. Jefferies Financial Group also issued estimates for ServiceNow’s Q4 2022 earnings at $0.62 EPS, Q3 2023 earnings at $0.51 EPS, Q4 2023 earnings at $0.62 EPS and FY2023 earnings at $2.36 EPS.

A number of other research analysts have also recently weighed in on NOW. Cowen dropped their price objective on ServiceNow from $580.00 to $510.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 19th. StockNews.com assumed coverage on shares of ServiceNow in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Canaccord Genuity Group reduced their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Morgan Stanley reduced their price target on shares of ServiceNow from $556.00 to $540.00 and set an “overweight” rating for the company in a report on Wednesday, October 19th. Finally, KeyCorp lowered their price target on ServiceNow from $567.00 to $520.00 and set an “overweight” rating on the stock in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $569.09.

ServiceNow Trading Up 2.8 %

ServiceNow stock opened at $376.66 on Wednesday. ServiceNow has a one year low of $337.00 and a one year high of $707.60. The business’s fifty day moving average is $413.71 and its 200 day moving average is $449.66. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market capitalization of $76.09 billion, a PE ratio of 413.91, a price-to-earnings-growth ratio of 7.35 and a beta of 0.98.

ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 24.3% on a year-over-year basis.

Insiders Place Their Bets

In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of the business’s stock in a transaction on Monday, October 10th. The stock was sold at an average price of $385.46, for a total transaction of $2,544,036.00. Following the sale, the director now directly owns 31,800 shares in the company, valued at $12,257,628. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC’s website. In other news, General Counsel Russell S. Elmer sold 2,666 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $422.80, for a total value of $1,127,184.80. Following the completion of the sale, the general counsel now owns 6,627 shares in the company, valued at $2,801,895.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, available through the SEC website. Also, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction on Monday, October 10th. The stock was sold at an average price of $385.46, for a total value of $2,544,036.00. Following the sale, the director now owns 31,800 shares of the company’s stock, valued at $12,257,628. The disclosure for this sale can be found here. Insiders sold a total of 32,922 shares of company stock worth $14,410,327 in the last quarter. Company insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On The Service Now

Several hedge funds and other institutional investors have recently made changes to their positions in NOW. OLD Second National Bank of Aurora bought a new position in ServiceNow in the 1st quarter valued at approximately $28,000. High Net Worth Advisory Group LLC bought a new position in ServiceNow in the 1st quarter valued at approximately $29,000. Tortoise Investment Management LLC grew its position in shares of ServiceNow by 55.0% during the 2nd quarter. Tortoise Investment Management LLC now owns 62 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 22 shares in the last quarter. Vigilant Capital Management LLC grew its position in shares of ServiceNow by 300.0% during the 3rd quarter. Vigilant Capital Management LLC now owns 96 shares of the information technology services provider’s stock valued at $36,000 after buying an additional 72 shares in the last quarter. Finally, GoalVest Advisory LLC acquired a new stake in shares of ServiceNow in the 1st quarter valued at approximately $43,000. 87.49% of the stock is owned by institutional investors and hedge funds.

About ServiceNow

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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

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Earnings History and Estimates for ServiceNow (NYSE:NOW)

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