what happened
Software installation stock Serve immediately (New York Stock Exchange code: NOW) According to data from Standard & Poor’s Global Market Intelligence, it rose 16% in June. The most popular products throughout the year have won the favor of critics from different types of companies.
so what
It’s not that the stock is not ready to rebound from the several sell-offs suffered earlier this year, but any rebound in ServiceNow has been driven by two encouraging assessments.
The first of them comes from Goldman Sachs, Adding the stock to the so-called conviction list that the bank firmly believes. Goldman Sachs has a target price of US$695 per share, while the current price of the stock is close to US$558. Goldman Sachs analyst Kash Rangan said that as the pandemic basically forces changes in the computing environment, the company’s revenue may triple in just a few years.
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Information Technology Market Research Institute later this month Gartner ServiceNow was named a leader in CRM (customer relationship management) customer engagement center service providers. This rating is not only a recognition of the quality of ServiceNow solutions, but also can be used as a variety of marketing tools for companies seeking customer relationship management solutions.
Both of these honors reinforce the reasons for owning shares in the software name.
How to do
Existing shareholders can celebrate these two developments, although neither is a reason for a new position. They are just affirmation of what shareholders already know-this is a fast-growing company for the right reasons. However, this is one reason for holding ServiceNow shares.
If you are not an investor yet, please don’t invest too quickly.
Due to the June rise, the stock price is now technically over-expanding. Although there is no guarantee that a callback will be formed, the suspension of the rebound since last week is worrying. Buying orders stagnated near the April high of around $560, indicating that the market is at least waiting for the stock price to stabilize before continuing to move higher. The stock is also no stranger to a sharp adjustment recently.
In other words, it’s a name worth adding to your watch list, but it’s not necessarily a name you can put in based on the momentum of the last month alone.
This article represents the views of the author, and the author may disagree with the “official” recommended position of Motley Fool’s advanced consulting services. We are all kinds of things! Questioning investment arguments—even our own arguments—can help us think critically about investing and make decisions that help us become smarter, happier, and wealthier.
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