ServiceNow Inc (NYSE:NOW) shares are trading higher Monday morning, bucking a softer tape as traders position ahead of this week's key catalysts. Nasdaq-100 futures are down 0.21% while S&P 500 futures have shed 0.27%, so the early bid in NOW stands out against the broader risk-off tone.

Analyst Target Cuts Haven't Killed Bullish Positioning Into Earnings

ServiceNow's setup is also being framed by a recent pattern of analysts keeping ratings intact while trimming targets, a dynamic that has still supported upside follow-through in the name; see positioning into Wednesday's report.

That matters because the last time ServiceNow posted 21% fourth-quarter revenue growth, the stock still sold off about 10% post-print, keeping traders laser-focused on guidance and valuation sensitivity.

With earnings just around the corner, the stock's strength Monday morning looks tied to positioning into Wednesday's report and a chart that's trying to stabilize off its spring lows.

Software Multiple Compression Raises The Bar For ServiceNow Earnings

ServiceNow is trying to stabilize even as software multiples have reset hard, with average software price-to-sales compressing from about 6.5x to 3.5x on next-12-month revenue. That compression raises the bar for premium names into earnings, especially after the stock slid more than 60% from its January 2025 peak.

ServiceNow Stock Remains Pressured Near The Lower End Of Its 52-Week Range

ServiceNow is still sitting in the lower half of its 52-week range, closer to the $81.24 low than the $211.48 high, which keeps the longer-term trend pressure in focus. The stock is trading 1.4% below its 20-day simple moving average (SMA) and 22.8% below its 100-day SMA, a mix that suggests short-term stabilization but a still-damaged intermediate trend.

The moving average convergence divergence (MACD), a trend/momentum measure, is above its signal line and the histogram is positive, which leans toward improving downside momentum after a weak stretch. That "trying to turn" MACD posture matters because the stock has been in a bearish moving-average structure since the death cross in August 2025.

Over the past 12 months, the stock is down 36.07%, which is consistent with a longer-term downtrend that hasn't fully reset yet. With the recent swing low in April and a swing high back in January, traders are watching whether this bounce can build a higher low rather than fade into the next resistance band.

  • Key Resistance: $111.00 — a level where rallies have recently stalled and sellers have shown up.
  • Key Support: $81.00 — a floor near the 52-week low area where demand has tended to appear.

ServiceNow Earnings Preview: Wall Street Expects Revenue Growth, Flat EPS

The countdown is on: ServiceNow is set to report earnings on Wednesday.

  • EPS Estimate: 80 cents (Down from 81 cents YoY)
  • Revenue Estimate: $3.75 Billion (Up from $3.09 Billion YoY)
  • Valuation: P/E of 57.9x (Indicates premium valuation relative to peers)

Analysts Keep Bullish Ratings On ServiceNow Despite Lower Price Targets

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $169.75. Recent analyst moves include:

  • BTIG: Buy (Maintains Target to $185.00) (April 20)
  • Deutsche Bank: Buy (Lowers Target to $135.00) (April 16)
  • TD Cowen: Buy (Lowers Target to $140.00) (April 16)

ServiceNow Growth Score Stands Out Despite Weak Momentum And Value

Below is the Benzinga Edge scorecard for ServiceNow, highlighting its strengths and weaknesses compared to the broader market:

  • Momentum: Bearish (Score: 3.33) — The stock's trend signals remain weak versus the broader market.
  • Quality: Neutral (Score: 37.11) — Fundamentals look mixed rather than clearly best-in-class.
  • Value: Weak (Score: 22.37) — The valuation profile screens expensive versus many peers.
  • Growth: Bullish (Score: 91.49) — The market is still pricing in strong longer-run growth potential.

The Verdict: ServiceNow’s Benzinga Edge signal reveals a growth-heavy profile with weak momentum and a stretched value setup. That combination often puts extra pressure on the upcoming earnings report to re-ignite trend strength.

NOW Shares Edge Higher Monday Morning

NOW Stock Price Activity: ServiceNow shares were up 3.15% at $99.70 at the time of publication on Monday, according to Benzinga Pro data.

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