In the eyes of shareholders, ServiceNow is one of the best software companies of all time. Californians have a moat in the field of workflow management solutions, quarterly results exceeded expectations and continued to grow at double digits.
Strong fourth quarter
Last quarter, the software provider’s subscription revenue increased by 32% to 1.18 billion U.S. dollars. Net income was 235 million U.S. dollars. In both cases, cloud experts exceeded expectations. This year, the group’s sales are also expected to increase by about 30%.
Bullish analyst
Analysts have also been bullish. Analyst Tyler Radke has now started reporting on ServiceNow, recommending a “buy” with a target price of $665. This corresponds to a price potential of nearly 30%. Experts believe that ServiceNow will continue to benefit from digital transformation.
After the overall market weakness, ServiceNow’s share has been revised by nearly 12%. This is a good entry opportunity for investors. The investment stays.
Notes on possible conflicts of interest:
The author Emil Jusifov directly holds the position of the following financial instruments mentioned in the publication or related derivatives that benefit from any price development caused by the publication: ServiceNow.
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