There is no doubt that the software provider ServiceNow is one of the fastest growing organizations in the cloud services field. Not only did Californians exceed expectations from one quarter to the next, but this share has only known one direction for years: a sharp rise.
ServiceNow’s 52-week chart also looks promising. A cup-handle transaction was formed between February and June, which itself is a very bullish sign of the stock’s mid-to-long-term development.
In fact, the price increase since the beginning of the year is as high as 75%. Since the corona low, this share has even doubled. In the long run, even the latest corrections will not damage the ServiceNow paper. The stock price fell only about 10%, in a 50-day trading range, and currently stands at $445.54.
In the case of a bullish chart, it is not surprising that most analysts (25) recommend the stock as a buy. Seven experts recommended holding stocks and only selling one. The average target price is $474.00.
Shareholders maintain their bullish views on ServiceNow and recommend that investors stick to it. Onlookers use the correction to make new inputs.
The author directly holds positions in the following financial instruments mentioned in the publication or related derivatives that can benefit from the price increase generated by the publication: ServiceNow.
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