ServiceNow is one of the most successful and fastest growing technology companies today. Californians exceed expectations every quarter, again bringing surprises to the market. For many years, the share actually only knew one direction: a sharp rise. Now, the cloud expert’s paper has broken a new record.
In Friday’s regular trading, ServiceNow’s stock price hit a record high of $502.63. The ServiceNow merger obviously did not last long. From a technical chart perspective, the stock should continue to break the September high of $501.82 in the next few days. This will be a clear signal that the rebound will continue.
Analysts are still bullish
Patrick Walravens, an analyst at JPMorgan Chase, has raised ServiceNow’s target price to $534 and confirmed his buy recommendation. For ServiceNow, the current quarter may be “the best quarter ever.” The company has concluded three top-tier deals with the US government. In his analysis, experts emphasized the “scalability” of the ServiceNow platform and the “leadership” of CEO Bill McDermott.
Overall, most analysts are still bullish. A total of 25 analysts recommended buying the stock. Six analysts gave reservations, and only two analysts rated the paper as “sell”.
Shareholders are still optimistic about ServiceNow stock and recommend investors to stick to it. Even newcomers can use it. Since shareholder recommendation, the share has increased by approximately 20%.
Explanation of possible conflicts of interest:
The author Emil Jusifov directly took a position on the following financial instruments mentioned in the publication or related derivatives that could benefit from any resulting price increases: ServiceNow.
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