Analysts are Revising Prices Targets of These 5 Stocks After Earnings

2. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 99

Truist cut its price target for ServiceNow, Inc. (NYSE:NOW) from $550 per share to $525 per share on Thursday, October 27. The research firm pointed towards currency headwinds that continue to impact the top-line results of ServiceNow.

The price-target cut follows the software company’s mixed results for Q3. ServiceNow, Inc. (NYSE:NOW) posted sales of $1.831 billion for the quarter, marginally below the consensus of $1.85 billion.

On the bright side, ServiceNow, Inc. (NYSE:NOW) reported adjusted earnings of $1.96 per share, easily beating the estimates of $1.84 per share. ServiceNow stock jumped over 12 percent on Thursday morning following the results.

Separately, ServiceNow, Inc. (NYSE:NOW) also appeared in the third-quarter 2022 investor letter of investment management firm Ensemble Capital Management. Here’s what the firm said:

“ServiceNow, Inc. (NYSE:NOW) (-20.6%): While ServiceNow’s mission critical software is an area we expect to remain very resilient even in the face of a difficult macro-economic environment, the company has seen a slow down in new deals closing particularly in Europe. ServiceNow’s software helps large enterprises shift workflows onto a cloud-based software platform and is a key tool to enable digital transformation. This transformation is something that all large companies will need to grapple with as they seek to drive revenue and lower costs by making their business processes more efficient.”