Several analysts have raised their price targets for ServiceNow stock (just now)-Get report The performance of this workflow software company exceeded Wall Street’s expectations.
The Santa Clara, California-based company’s shares rose 2.7% to $497.10.
Sterling Auty, an analyst at JP Morgan, raised his stock price target from US$470 to US$550. He said in an investor report: “The result is our expectation of ServiceNow. ServiceNow is software One of the most consistent execution stories in the game.”
Auty said: “In terms of scale growth, ServiceNow is an outstanding infrastructure software company. Its target market is the Total Addressable Market (TAM), which is estimated to be $110B.”
The company reported earnings per share of $1.21, higher than the 99 cents per share a year ago and exceeding Zacks’ forecast of $1.03. Revenue increased by 31% to 1.09 billion US dollars, exceeding market expectations of 1.06 billion US dollars.
Citi analyst Walter Pritchard (Walter Pritchard) raised his price target from $518 to $589, while maintaining a buy rating on the stock. Pritchard said ServiceNow’s “clean upside” and the slight improvement in guidance met high expectations.
Raymond James analyst Robert Majek raised ServiceNow’s price target from US$490 to US$575, while maintaining a strong buy rating on the stock after the company’s “strong” third-quarter earnings report.
The analyst said that he still believes that the company is a leader in the field of information technology service management and has a further opportunity to become one of 2-3 strategic SaaS strategic suppliers because the company expands its business scope in the IT field In the workflow of customers and employees.
Needham analyst Jack Andrews (Jack Andrews) raised his price target from $490 to $538 and maintains a buy rating on the stock.
He pointed out that the company’s performance on all indicators is very “strong.” Andrews said that he hopes these will reassure investors that the environment for large-scale digital conversion projects is “healthy.”
Oppenheimer analyst Brian Schwartz said ServiceNow “has become one of the fastest growing and more profitable companies in the SaaS industry.”
“However, we believe that the good news has been digested by the stocks, because the current valuation multiple means that the business has achieved meaningful success and will gain strong execution in the next few years without being affected by the economy. The impact of the recession.” Stock rating.
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