ServiceNow (NOW) closed at $389.15 in the latest trading session, marking a -0.79% move from the prior day. This change was narrower than the S&P 500's daily loss of 1.44%. Meanwhile, the Dow lost 1.03%, and the Nasdaq, a tech-heavy index, lost 0.11%.Prior to today's trading, shares of the maker of software that automates companies' technology operations had gained 8% over the past month. This has lagged the Computer and Technology sector's gain of 11.26% and outpaced the S&P 500's gain of 6.22% in that time.Investors will be hoping for strength from ServiceNow as it approaches its next earnings release. The company is expected to report EPS of $2, up 36.99% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.93 billion, up 19.82% from the prior-year quarter.NOW's full-year Zacks Consensus Estimates are calling for earnings of $7.32 per share and revenue of $7.24 billion. These results would represent year-over-year changes of +23.65% and +22.8%, respectively.Investors might also notice recent changes to analyst estimates for ServiceNow. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.04% lower. ServiceNow is holding a Zacks Rank of #3 (Hold) right now.Valuation is also important, so investors should note that ServiceNow has a Forward P/E ratio of 53.59 right now. For comparison, its industry has an average Forward P/E of 24.58, which means ServiceNow is trading at a premium to the group.Investors should also note that NOW has a PEG ratio of 1.9 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Computers - IT Services was holding an average PEG ratio of 1.33 at yesterday's closing price.The Computers - IT Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 92, which puts it in the top 37% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 ReportTo read this article on Zacks.com click here.Zacks Investment Research