Digital workflow company ServiceNow Inc. (NOW) recently reported a solid fourth-quarter earnings report, beating consensus estimates on the top and bottom line for the fourth consecutive quarter. However, the stock is currently trading 20% below its 52-week high of $707.60, which it hit on November 4, 2021.
In January, Piper Sandler analyst Rob Owens upgraded NOW to Overweight with a price target of $650. However, the stock recently witnessed a decline in hedge fund sentiment. Moreover, the effects of the COVID-19 omicron variant and an increasing number of cyber-attacks make its near-term prospects uncertain.
