After attending the company's Federal Summit in Washington D.C., Jefferies analyst Samad Samana keeps a Buy rating on ServiceNow with a $242 price target. While U.S. Federal is less than 10% of total revenue, it is a large opportunity, Samana tells investors in a research note. He found that ServiceNow is gaining traction and walked away with a positive view on its ability to grow its federal business.

KeyBanc analyst Jackson Ader lowered the firm's price target on ServiceNow to $950 from $1,000 and keeps an Overweight rating on the shares. The firm notes the quarter plainly did not beat guidance by enough to satisfy expectations, and it would include its expectations in that assessment as well. The headline numbers on revenue and margin aren't the problem; "it was the non-revenue top-line metrics that catch our eye," says KeyBanc. Current billings was an outright miss, but the firm understands that invoicing patterns and timing swing this around more so than getting ink on paper for contracted obligations. Still, not great.

UBS lowered the firm's price target on ServiceNow to $875 from $920 and keeps a Buy rating on the shares. ServiceNow is still in rarified territory by growing more than 20% with 400 basis points of year over year margin expansion, but this print fell a bit short of expectations, the analyst tells investors in a research note. This print in a seasonally light 1Q quarter isn't likely to be a thesis-changer for most, UBS contends.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

Sees 2024 subscription gross profit margin 84.5%, income from operations margin 29%.

Sees Q2 cRPO growth 20.5% year-over-year.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.