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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.
See Also: Why Xilinx Shares Are Rising Today
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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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