ServiceNow Analysts Boost Their Forecasts After Upbeat Q4 Earnings
Portfolio Pulse from Avi Kapoor
ServiceNow, Inc. (NYSE:NOW) surpassed Q4 earnings and sales estimates, reporting earnings of $3.11 per share and quarterly sales of $2.44 billion. This represents a 25.62% increase in sales year-over-year. The company also raised its 2024 subscription revenues and operating margin outlook. Despite the positive report, ServiceNow shares dropped slightly by 0.1%. Analysts from Barclays, Piper Sandler, Goldman Sachs, BMO Capital, RBC Capital, Mizuho, Baird, and UBS have raised their price targets on ServiceNow following the earnings release.
January 25, 2024 | 8:19 pm
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ServiceNow exceeded Q4 earnings and sales forecasts, raised its 2024 subscription revenue and operating margin outlook, but shares fell 0.1%. Analysts have increased price targets.
The positive earnings report and raised outlook for 2024 are strong indicators of ServiceNow's financial health and growth potential, which typically would result in a positive short-term impact on the stock price. The slight share price drop may be due to market conditions or profit-taking, but the overwhelming positive response from analysts with raised price targets suggests confidence in the stock's future performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100