In the latest trading session, ServiceNow (NOW) closed at $561.93, marking a -0.78% move from the previous day. This move lagged the S&P 500's daily gain of 0.35%.Heading into today, shares of the maker of software that automates companies' technology operations had gained 13.73% over the past month, outpacing the Computer and Technology sector's gain of 5.62% and the S&P 500's gain of 3.64% in that time.NOW will be looking to display strength as it nears its next earnings release, which is expected to be July 28, 2021. On that day, NOW is projected to report earnings of $1.20 per share, which would represent a year-over-year decline of 2.44%. Meanwhile, our latest consensus estimate is calling for revenue of $1.36 billion, up 26.76% from the prior-year quarter.NOW's full-year Zacks Consensus Estimates are calling for earnings of $5.50 per share and revenue of $5.72 billion. These results would represent year-over-year changes of +18.79% and +26.57%, respectively.Investors might also notice recent changes to analyst estimates for NOW. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.8% higher. NOW is currently a Zacks Rank #1 (Strong Buy).Looking at its valuation, NOW is holding a Forward P/E ratio of 103.02. Its industry sports an average Forward P/E of 30.83, so we one might conclude that NOW is trading at a premium comparatively.Meanwhile, NOW's PEG ratio is currently 3.7. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Computers - IT Services stocks are, on average, holding a PEG ratio of 1.82 based on yesterday's closing prices.The Computers - IT Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 170, putting it in the bottom 34% 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.You can find more information on all of these metrics, and much more, on Zacks.com. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>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 To read this article on Zacks.com click here.