ServiceNow Analysts Boost Their Forecasts After Upbeat Q4 Earnings

ServiceNow, Inc. NOW reported better-than-expected fourth-quarter financial results on Wednesday.

ServiceNow reported quarterly earnings of $3.11 per share which beat the analyst consensus estimate of $2.79 by 11.47%. The company reported quarterly sales of $2.44 billion, beating the analyst consensus estimate of $2.4 billion by 1.61% and representing a 25.62% increase over sales of $1.94 billion from the same period last year, according to data from Benzinga Pro.

The company exceeded its guidance across all fourth-quarter topline growth and profitability metrics and raised its 2024 subscription revenues and operating margin outlook. The company now sees first-quarter subscription revenues to between $2.51 billion and $2.515 billion and first-quarter operating margin at 29%.

ServiceNow shares fell 0.1% to trade at $762.59 on Thursday.

These analysts made changes to their price targets on ServiceNow after the company reported quarterly results.

• Barclays raised the price target on ServiceNow from $870 to $890. Barclays analyst Raimo Lenschow maintained an Overweight rating.
• Piper Sandler boosted ServiceNow price target from $750 to $830. Piper Sandler analyst Rob Owens maintained an Overweight rating.
• Goldman Sachs increased the price target on ServiceNow from $800 to $910. Goldman Sachs analyst Kash Rangan maintained a Buy rating.
• BMO Capital boosted the price target on ServiceNow from $630 to $850. BMO Capital analyst Keith Bachman maintained an Outperform rating.
• RBC Capital boosted the price target on ServiceNow from $840 to $850. RBC Capital analyst Matthew Hedberg maintained an Outperform rating.
• Mizuho raised the price target on ServiceNow from $750 to $820. Mizuho analyst Gregg Moskowitz maintained a Buy rating.
• Baird boosted the price target on ServiceNow from $780 to $870. Baird analyst Rob Oliver maintained an Outperform rating.
• UBS raised the price target on ServiceNow from $865 to $885. UBS analyst Karl Keirstead maintained a Buy rating.

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