Q1 2023 Earnings Forecast for ServiceNow, Inc. Issued By Oppenheimer (NYSE:NOW)

ServiceNow, Inc. (NYSE:NOWGet Rating) – Stock analysts at Oppenheimer reduced their Q1 2023 EPS estimates for ServiceNow in a research note issued on Thursday, January 12th. Oppenheimer analyst B. Schwartz now forecasts that the information technology services provider will earn $0.38 per share for the quarter, down from their prior forecast of $0.50. The consensus estimate for ServiceNow’s current full-year earnings is $1.76 per share. Oppenheimer also issued estimates for ServiceNow’s Q3 2023 earnings at $0.44 EPS.

A number of other analysts have also weighed in on NOW. Barclays cut their target price on shares of ServiceNow to $496.00 in a research note on Thursday, October 27th. Mizuho increased their price target on shares of ServiceNow from $480.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, October 27th. Citigroup increased their price target on shares of ServiceNow from $488.00 to $515.00 in a research note on Thursday, October 27th. Wolfe Research increased their price target on shares of ServiceNow from $440.00 to $500.00 in a research note on Thursday. Finally, Royal Bank of Canada dropped their price target on shares of ServiceNow from $550.00 to $500.00 and set an “outperform” rating on the stock in a research note on Monday, October 17th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $532.00.

ServiceNow Stock Up 0.4 %

NOW stock opened at $414.89 on Monday. The company’s 50 day moving average price is $394.41 and its 200 day moving average price is $419.04. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.24 and a current ratio of 1.24. ServiceNow has a fifty-two week low of $337.00 and a fifty-two week high of $621.41. The firm has a market capitalization of $83.81 billion, a price-to-earnings ratio of 419.08, a PEG ratio of 5.86 and a beta of 0.98.

ServiceNow (NYSE:NOWGet Rating) last released its earnings results on Wednesday, October 26th. The information technology services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. ServiceNow had a net margin of 2.90% and a return on equity of 7.22%. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.85 billion.

Insiders Place Their Bets

In other ServiceNow news, insider Paul John Smith sold 600 shares of the stock in a transaction on Friday, October 28th. The stock was sold at an average price of $414.24, for a total value of $248,544.00. Following the completion of the transaction, the insider now owns 1,867 shares in the company, valued at $773,386.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other ServiceNow news, insider Paul John Smith sold 600 shares of the stock in a transaction on Friday, October 28th. The stock was sold at an average price of $414.24, for a total value of $248,544.00. Following the completion of the transaction, the insider now owns 1,867 shares in the company, valued at $773,386.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 478 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $418.56, for a total value of $200,071.68. Following the completion of the transaction, the insider now owns 1,327 shares of the company’s stock, valued at approximately $555,429.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,254 shares of company stock worth $6,485,054. 0.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NOW. RB Capital Management LLC increased its position in shares of ServiceNow by 25.2% in the first quarter. RB Capital Management LLC now owns 954 shares of the information technology services provider’s stock valued at $531,000 after buying an additional 192 shares in the last quarter. Zions Bancorporation N.A. increased its position in ServiceNow by 17.9% during the 1st quarter. Zions Bancorporation N.A. now owns 875 shares of the information technology services provider’s stock worth $487,000 after purchasing an additional 133 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in ServiceNow by 728.0% during the 1st quarter. Brown Brothers Harriman & Co. now owns 1,921 shares of the information technology services provider’s stock worth $1,070,000 after purchasing an additional 1,689 shares in the last quarter. Parkside Financial Bank & Trust increased its position in ServiceNow by 9.0% during the 1st quarter. Parkside Financial Bank & Trust now owns 350 shares of the information technology services provider’s stock worth $195,000 after purchasing an additional 29 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in ServiceNow by 0.7% during the 1st quarter. NewEdge Advisors LLC now owns 11,671 shares of the information technology services provider’s stock worth $6,499,000 after purchasing an additional 86 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

About ServiceNow

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ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates 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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