Q2 2023 EPS Estimates for ServiceNow, Inc. Lowered by Jefferies Financial Group (NYSE:NOW)

ServiceNow, Inc. (NYSE:NOWGet Rating) – Jefferies Financial Group cut their Q2 2023 earnings per share (EPS) estimates for ServiceNow in a report issued on Monday, May 23rd. Jefferies Financial Group analyst S. Samana now expects that the information technology services provider will post earnings of $0.49 per share for the quarter, down from their previous estimate of $0.56. Jefferies Financial Group also issued estimates for ServiceNow’s FY2023 earnings at $2.71 EPS.

ServiceNow (NYSE:NOWGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The information technology services provider reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.03. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The business’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 EPS.

Several other equities analysts have also recently weighed in on the company. Morgan Stanley lowered their target price on ServiceNow to $594.00 and set a “na” rating on the stock in a research note on Wednesday, May 18th. TheStreet cut ServiceNow from a “b-” rating to a “c+” rating in a research note on Tuesday, April 26th. KeyCorp lowered their target price on ServiceNow from $692.00 to $613.00 and set an “overweight” rating on the stock in a research note on Monday, April 25th. Credit Suisse Group lowered their price target on ServiceNow from $800.00 to $700.00 in a research note on Thursday, April 28th. Finally, Barclays lowered their price target on ServiceNow from $652.00 to $613.00 in a research note on Thursday, April 28th. Two equities research analysts have rated the stock with a sell rating, three have assigned 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 “Buy” and an average target price of $643.16.

NYSE:NOW opened at $419.65 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow has a fifty-two week low of $406.47 and a fifty-two week high of $707.60. The stock’s 50-day moving average is $502.40 and its two-hundred day moving average is $564.28. The stock has a market cap of $84.12 billion, a PE ratio of 381.50, a price-to-earnings-growth ratio of 8.35 and a beta of 1.09.

In related news, insider Lara Caimi sold 3,058 shares of ServiceNow stock in a transaction that occurred on Thursday, February 24th. The stock was sold at an average price of $575.00, for a total transaction of $1,758,350.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul John Smith sold 412 shares of ServiceNow stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $427.17, for a total value of $175,994.04. Following the sale, the insider now directly owns 1,755 shares of the company’s stock, valued at $749,683.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,428 shares of company stock valued at $10,195,278. Corporate insiders own 0.35% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Edgewood Management LLC acquired a new position in ServiceNow in the 1st quarter valued at $1,515,281,000. Norges Bank acquired a new position in ServiceNow in the 4th quarter valued at $1,117,096,000. Allspring Global Investments Holdings LLC acquired a new position in ServiceNow in the 4th quarter valued at $400,884,000. Fisher Asset Management LLC raised its holdings in shares of ServiceNow by 164.8% during the 4th quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock worth $580,778,000 after buying an additional 556,871 shares in the last quarter. Finally, TD Asset Management Inc. raised its holdings in shares of ServiceNow by 84.7% during the 4th quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock worth $783,606,000 after buying an additional 553,517 shares in the last quarter. 87.20% of the stock is owned by institutional investors and hedge funds.

ServiceNow Company Profile (Get Rating)

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.

See Also

Earnings History and Estimates for ServiceNow (NYSE:NOW)

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