New Buy Rating for ServiceNow (NOW), the Technology Giant

In a report released yesterday, Joshua Tilton from Wolfe Research maintained a Buy rating on ServiceNow (NOW – Research Report), with a price target of $830.00. The company’s shares closed yesterday at $729.79.

Tilton covers the Technology sector, focusing on stocks such as Salesforce, ServiceNow, and Okta. According to TipRanks, Tilton has an average return of 8.2% and a 50.00% success rate on recommended stocks.

In addition to Wolfe Research, ServiceNow also received a Buy from Barclays’s Raimo Lenschow in a report issued on May 7. However, on the same day, Truist Financial maintained a Hold rating on ServiceNow (NYSE: NOW).

Based on ServiceNow’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.6 billion and a net profit of $347 million. In comparison, last year the company earned a revenue of $2.1 billion and had a net profit of $150 million

Based on the recent corporate insider activity of 197 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NOW in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

ServiceNow (NOW) Company Description:

Founded in 2004 and based in California, ServiceNow, Inc. is a software company which provides enterprise cloud computing solutions to help companies manage digital workflows for enterprise operations. The company offers its solutions to various sectors including healthcare, education, oil and gas, telecommunications, government, consumer products, technology, IT and financial services.