ServiceNow Analysts Raise Forecasts After Upbeat Q3 Results – ServiceNow (NYSE:NOW)

ServiceNow Inc NOW reported better-than-expected third-quarter results after markets closed on Wednesday.

ServiceNow reported third-quarter revenue of $2.797 billion, beating the consensus estimate of $2.743 billion. According to Benzinga Pro, the company reported third-quarter adjusted earnings of $3.72 per share, beating analyst estimates of $3.46 per share.

“ServiceNow has raised our full-year revenue guidance based on our strong third quarter results, once again exceeding expectations. This remarkable momentum comes as both existing and new customers double down on their investments in ServiceNow as an AI platform for business transformation,” said Bill McDermott, Chairman and CEO of ServiceNow.

ServiceNow expects fourth-quarter subscription revenue of $2.875 billion to $2.88 billion. The company expects full-year subscription revenue of $10.655 billion to $10.66 billion, versus estimates of $10.806 billion.

ServiceNow shares fell 1.1% on Wednesday to close at $907.68.

These analysts made changes to their price targets for ServiceNow following the earnings release.

• Needham analyst Mike Cikos maintained ServiceNow with a Buy rating and raised the price target to $1,075 from $900.
• Canaccord Genuity analyst David Hynes maintained ServiceNow with a Buy rating and raised the price target to $1,000 from $850.
• Baird analyst Rob Oliver maintained an Outperform rating on the stock and increased his price target to $975 from $900.
• JP Morgan analyst Mark Murphy maintained ServiceNow at Overweight and increased the price target to $950 from $820.

Are you considering buying NOW stock? This is what analysts think:

Read more: