Zacks: Brokerages Anticipate ServiceNow Inc (NYSE:NOW) Will Post Quarterly Sales of $830.81 Million

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Equities research analysts predict that ServiceNow Inc (NYSE:NOW) will report sales of $830.81 million for the current quarter, Zacks reports. Twelve analysts have made estimates for ServiceNow’s earnings, with the lowest sales estimate coming in at $826.49 million and the highest estimate coming in at $835.40 million. ServiceNow posted sales of $631.06 million during the same quarter last year, which suggests a positive year-over-year growth rate of 31.7%. The company is expected to announce its next quarterly earnings results on Wednesday, July 24th.

According to Zacks, analysts expect that ServiceNow will report full year sales of $3.44 billion for the current year, with estimates ranging from $3.43 billion to $3.47 billion. For the next fiscal year, analysts anticipate that the company will post sales of $4.41 billion, with estimates ranging from $4.36 billion to $4.50 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow ServiceNow.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 24th. The information technology services provider reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.10. ServiceNow had a positive return on equity of 1.64% and a negative net margin of 1.38%. The business had revenue of $788.93 million during the quarter, compared to analyst estimates of $768.09 million. During the same period in the previous year, the company earned $0.56 EPS. The firm’s revenue was up 33.9% on a year-over-year basis.

NOW has been the topic of a number of recent research reports. KeyCorp raised their price objective on ServiceNow from $250.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. BMO Capital Markets increased their target price on shares of ServiceNow from $235.00 to $295.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. ValuEngine raised shares of ServiceNow from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 1st. Cowen increased their target price on shares of ServiceNow from $260.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Finally, Canaccord Genuity increased their target price on shares of ServiceNow from $285.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $270.68.

In related news, insider David Schneider sold 3,259 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $241.37, for a total transaction of $786,624.83. Following the transaction, the insider now directly owns 54,346 shares in the company, valued at $13,117,494.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederic B. Luddy sold 22,000 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $237.38, for a total value of $5,222,360.00. Following the transaction, the director now owns 1,770 shares in the company, valued at $420,162.60. The disclosure for this sale can be found here. Insiders have sold 118,944 shares of company stock worth $31,224,589 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. Berkshire Capital Holdings Inc. boosted its position in ServiceNow by 889.5% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 41,460 shares of the information technology services provider’s stock valued at $7,382,000 after buying an additional 37,270 shares during the period. Next Capital Management LLC purchased a new position in shares of ServiceNow during the 4th quarter worth $32,000. Advisors Asset Management Inc. boosted its stake in shares of ServiceNow by 26.6% during the 4th quarter. Advisors Asset Management Inc. now owns 20,609 shares of the information technology services provider’s stock worth $3,669,000 after acquiring an additional 4,325 shares during the last quarter. Dock Street Asset Management Inc. purchased a new position in shares of ServiceNow during the 1st quarter worth $937,000. Finally, Jennison Associates LLC boosted its stake in shares of ServiceNow by 282.1% during the 4th quarter. Jennison Associates LLC now owns 2,406,077 shares of the information technology services provider’s stock worth $428,402,000 after acquiring an additional 1,776,380 shares during the last quarter. Institutional investors own 93.08% of the company’s stock.

ServiceNow stock traded up $4.57 during mid-day trading on Monday, reaching $272.45. 884,655 shares of the company were exchanged, compared to its average volume of 1,537,792. ServiceNow has a 12 month low of $147.63 and a 12 month high of $281.74. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market cap of $50.09 billion, a PE ratio of 1,362.26, a price-to-earnings-growth ratio of 19.64 and a beta of 1.41.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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