ServiceNow hits record high after Q4 subscription revenue forecast above estimates
Updates
** Shares of digital workflow company ServiceNow NOW.N hit record high, last up 6.5% at $964.99
** NOW expects Q4 subscription revenue between $2.875 bln and $2.880 bln, vs analysts' average estimates of $2.85 bln - LSEG data
** NOW raises annual subscription revenue forecast to be between $10.655 bln and $10.660 bln, up from $10.575-$10.585 bln
** At least 8 brokerages raise PT on NOW
** Needham raises PT to $1,075 from $900, representing upside of ~18% to stock's last close
** Piper Sandler believes NOW's GenAI capabilities will continue to drive its strategic positioning within large enterprises going forward
** NOW is proving to be an execution machine, and there is no shortage of shots on goal for future growth - Canaccord Genuity
** Average rating of 41 brokerages covering the stock is "buy," their median PT is $985 - LSEG data
** Up to last close, NOW up ~28% YTD
Reporting by Jaspreet Singh in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
