The share of cloud provider ServiceNow hit a record high of $316 on Wednesday. The stock market’s rise was caused by the positive comments of analysts and another strategic acquisition.
Analyst Raymond James raised the target price of the software company from $300 to $360 and maintained its rating at “Strong Buy.” ServiceNow continues to be the dominant market leader in IT Service Management (ITSM), and with its expanded range of cloud-based workflow products and platforms, it is also one of two to three leading SaaS providers.
Analysts are confident that Bill McDermott, a software industry veteran, will be hired as CEO during the strategic expansion period.
Take over the loom system
On Wednesday, ServiceNow also announced the acquisition of Israeli startup Loom Systems. The loom system provides a solution to proactively predict and prevent IT incidents. Loom Systems’ technology will be integrated into ServiceNow’s ITSM and IT Operations Management (ITOM) solutions. The acquisition is expected to be completed in the first quarter of 2020.
ServiceNow’s growth story remains the same. Unfortunately, the recommendation to SHAREHOLDER was discontinued in the fourth quarter of 2019. Interested investors observe the shares on the watch list and wait for the frustration to reappear.
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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