Scotiabank Forecasts ServiceNow’s FY2024 Earnings (NYSE:NOW)

ServiceNow, Inc. (NYSE:NOW) – Investment analysts at Scotiabank issued their FY2024 earnings per share (EPS) estimates for shares of ServiceNow in a note issued to investors on Wednesday, January 8th. Scotiabank analyst A. Verkhovski expects that the information technology services provider will earn $7.07 per share for the year. Scotiabank has a “Strong-Buy” rating on the stock. The consensus estimate for ServiceNow’s current full-year earnings is $7.07 per share. Scotiabank also issued estimates for ServiceNow’s FY2025 earnings at $9.17 EPS.

A number of other research firms have also commented on NOW. Raymond James initiated coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. Jefferies Financial Group boosted their price objective on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Oppenheimer raised their target price on ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Citigroup boosted their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,071.39.

ServiceNow Stock Down 2.4 %

ServiceNow stock opened at $1,024.26 on Monday. The company’s 50-day moving average price is $1,064.01 and its two-hundred day moving average price is $924.13. The stock has a market cap of $211.00 billion, a price-to-earnings ratio of 159.29, a PEG ratio of 6.43 and a beta of 0.99. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,157.90. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.21 earnings per share.

Institutional Trading of ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the company. Oppenheimer & Co. Inc. grew its position in shares of ServiceNow by 13.7% in the second quarter. Oppenheimer & Co. Inc. now owns 6,751 shares of the information technology services provider’s stock valued at $5,311,000 after purchasing an additional 812 shares during the last quarter. CoreCap Advisors LLC acquired a new stake in shares of ServiceNow in the second quarter worth $434,000. Fiduciary Group LLC bought a new position in ServiceNow during the second quarter worth $601,000. Parallel Advisors LLC raised its stake in ServiceNow by 1.2% during the 2nd quarter. Parallel Advisors LLC now owns 4,693 shares of the information technology services provider’s stock valued at $3,691,000 after purchasing an additional 54 shares during the last quarter. Finally, Thoroughbred Financial Services LLC boosted its holdings in ServiceNow by 28.8% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,241 shares of the information technology services provider’s stock valued at $2,549,000 after purchasing an additional 724 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 76 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,060,115.38. This trade represents a 2.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,629 shares of company stock worth $20,861,626. Insiders own 0.25% 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.