ServiceNow (NOW) Soars 3.1%: Is Further Upside Left in the Stock?

ServiceNow NOW shares rallied 3.1% in the last trading session to close at $808.40. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 23.3% loss over the past four weeks.ServiceNow has been benefiting from the rising adoption of its workflows by enterprises undergoing digital transformation.This maker of software that automates companies' technology operations is expected to post quarterly earnings of $3.78 per share in its upcoming report, which represents a year-over-year change of +10.9%. Revenues are expected to be $3.09 billion, up 18.6% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For ServiceNow, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NOW going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>ServiceNow belongs to the Zacks Computers - IT Services industry. Another stock from the same industry, Vertiv Holdings Co. VRT, closed the last trading session 6.5% higher at $83.12. Over the past month, VRT has returned -38%.For Vertiv, the consensus EPS estimate for the upcoming report has changed -0.9% over the past month to $0.62. This represents a change of +44.2% from what the company reported a year ago. Vertiv currently has a Zacks Rank of #3 (Hold).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ServiceNow, Inc. (NOW): Free Stock Analysis Report Vertiv Holdings Co. (VRT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks