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Should You Buy #1 (Strong Buy)-Ranked ServiceNow (NOW) for Your Portfolio?
ServiceNow was upgraded to the Zacks Rank #1 list on May 19, 2023. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Santa Clara, CA-based ServiceNow Inc. provides cloud computing services that automate digital workflows to accelerate enterprise IT operations. The company’s Now Platform enables enterprises to enhance productivity by streamlining system processes.
For fiscal 2023, 13 analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.44 to $9.59 per share. NOW boasts an average earnings surprise of 10.4%.
Earnings are expected to grow 26.4% for the current fiscal year, while revenue is projected to increase 21.6%.
NOW has been moving higher over the past four weeks as well, up 19.3% compared to the S&P 500’s gain of 1%.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, ServiceNow could be just the stock to help your portfolio generate returns that could fund your retirement, your kids’ college tuition, or your short- and long-term savings goals.
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ServiceNow, Inc. (NOW) : Free Stock Analysis Report
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