These Analysts Lower Price Targets On ServiceNow Following Q2 Results

ServiceNow Inc NOW reported mixed financial results. ServiceNow said second-quarter revenue increased 24% year-over-year to $1.75 billion, which slightly missed the estimate of $1.76 billion. The company reported quarterly adjusted earnings of $1.62 per share, which beat the estimate of $1.54 per share.

ServiceNow shares dropped 6.4% to $419.89 in the pre-market trading session.

Several analysts made changes to their price targets on ServiceNow following the release of results.

Below are the analysts lowering price target on ServiceNow.

• Keybanc lowered price target on the stock from $567 to $520. However, Keybanc analyst Michael Turits maintained ServiceNow with an Overweight.
• Piper Sandler lowered ServiceNow price target from $600 to $550. However, Piper Sandler analyst Rob Owens maintained an Overweight rating on the stock.
• Citigroup cut the price target on the stock from $600 to $575. However, Citigroup analyst Tyler Radke maintained a Buy rating on the stock.
• JMP Securities lowered the price target from $705 to $553. However, JMP Securities analyst Patrick Walravens maintained a Market Outperform rating on the stock.
• Mizuho lowered ServiceNow price target from $520 to $500. However, Mizuho analyst Gregg Moskowitz maintained ServiceNow with a Buy.
• Credit Suisse cut price target on ServiceNow $700 to $650. However, Credit Suisse analyst Phil Winslow maintained an Outperform rating on the stock.
• Barclays reduced ServiceNow’s price target from $560 to $495. However, Barclays analyst Raimo Lenschow maintained the stock with an Overweight.
• Stifel cut the price target on the stock from $550 to $500. However, Stifel analyst Brad Reback maintained ServiceNow with a Buy.