ServiceNow Inc (NYSE:NOW) is trading higher Thursday morning after the company announced better-than-expected fourth-quarter financial results.
ServiceNow reported quarterly earnings of $1.46 per share, which beat the $1.43 estimate. The company reported quarterly revenue of $1.61 billion, which beat the estimate of $1.6 billion.
"Customer demand for ServiceNow’s innovative platform is stronger than ever," said Bill McDermott, president and CEO of ServiceNow. "We are growing like a fast‑moving startup with the profitability of a global market leader."
Analyst Assessment: Several analyst firms weighed in on the stock following ServiceNow's quarterly results:
- Piper Sandler analyst Rob Owens upgraded ServiceNow from a Neutral rating to an Overweight rating.
- Barclays analyst Raimo Lenschow maintained ServiceNow with an Overweight rating and lowered the price target from $680 to $652.
- Credit Suisse analyst Phil Winslow maintained ServiceNow with an Outperform rating and lowered the price target from $850 to $800.
- Mizuho analyst Gregg Moskowitz maintained ServiceNow with a Buy rating and raised the price target from $615 to $650.
- Oppenheimer analyst Ray McDonough maintained ServiceNow with an Outperform rating and lowered the price target from $775 to $660.
- Morgan Stanley maintained ServiceNow with an Overweight rating and raised the price target from $807 to $810.
ServiceNow provides software solutions to structure and automate various business processes via a SaaS delivery model.
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NOW Price Action: ServiceNow has traded as low as $448.27 and as high as $707.60 over a 52-week period.
The stock was up 12.3% at $543.31 at time of publication.
