| Today | ||||
OTR Global downgraded… Story temporarily locked. | ||||
| Yesterday | ||||
RBC Capital analyst Alex… RBC Capital analyst Alex Zukin raised the firm's price target on ServiceNow to $500 from $372 and keeps an Outperform rating on the shares. The analyst says his industry discussions suggest that the company is positioned as a beneficiary of remote work trends in the near and longer term, with sequential demand improvement driven by its IT product portfolio. Zukin adds that ServiceNow's upcoming Q2 earnings report should be "strong". | ||||
| Tuesday | ||||
Stifel analyst Tom… Stifel analyst Tom Roderick raised the firm's price target on ServiceNow to $450 from $400 following a round of checks ahead of earnings. Roderick said he remains convinced that ServiceNow "has the portfolio to outperform now, and to outperform later," amid an acceleration of digital transformation projects by industry leaders "and a game of catch up among industry laggards," he tells investors. The analyst, who views ServiceNow as the best positioned company he covers, keeps a Buy rating on the shares. | ||||
| Over a week ago | ||||
After Zoom Video (ZM)… After Zoom Video (ZM) announced the launch of Zoom Hardware as a Service, or HaaS, Morgan Stanley analyst Meta Marshall said she views the program as a positive given the opportunity to increase customer "stickiness" of both the Zoom Phone and Rooms products. Alongside the HaaS announcement, Marshall noted that Zoom and ServiceNow (NOW) announced a commitment to each other's technology, which she sees highlighting the early traction for the Zoom Phone product. Marshall keeps an Equal Weight rating and $190 price target on Zoom but said that "if a valuation opportunity presented itself," she could become more positive on the name. | ||||
Goldman Sachs analyst… Goldman Sachs analyst Christopher Merwin raised the firm's price target on ServiceNow (NOW) to $538 from $403 and keeps a Buy rating on the shares. In light of the current interest rate environment, the analyst adjusted assumptions in the discounted cash flow component of his valuation methodology, which drives increased price targets across the software sector. The "resiliency" of the sector throughout COVID-19 underscores the "criticality" of many software categories as businesses adjust for more distributed workforces and therefore require modernized cloud systems, Merwin tells investors in a research note. With sector multiples at all-time highs, the analyst favors stocks where he sees "compelling relative value." Merwin's best ideas currently are ServiceNow, Splunk (SPLK), Alteryx (AYX) and HubSpot (HUBS). | ||||
SunTrust analyst Joel… SunTrust analyst Joel Fishbein raised the firm's price target on ServiceNow to $450 from $385 and keeps a Buy rating on the shares. The "necessity" of the company's product has taken "center stage" during the global transition to work-from-anywhere, the analyst tells investors in a research note, noting ServiceNow has become a leader in the "digital transformation initiative". Fishbein adds that ServiceNow's latest reported quarter boosted his confidence in its ability to sell through the remote workforce environment, given the annual increase rate in the number of new deals over $1M. | |
Jefferies analyst Samad… Jefferies analyst Samad Samana raised the firm's price target on ServiceNow to $465 from $375 and keeps a Buy rating on the shares. The analyst notes that he has stress-tested his model, and he remains confident that the company's subscription billings guidance is "very achievable". Samana further cites "positive partner and customer feedback" along with a stabilizing macro backdrop, which hi believes suggest that ServiceNow business may perform better than expected. | |
Cleveland Research… Cleveland Research analyst Ari Terjanian said his ServiceNow checks suggest that the second quarter now appears more in-line than 60 days ago as partners are seeing larger deals push out to Q3 and less new deals close. Renewals seem to be continuing, but there appears to be less expansion and upsell activity during renewals, the analyst added. While Terjanian has moderated his Q2 estimates, he still sees a path for upside in the second half and continue to view ServiceNow as among the best-positioned names he covers, the analyst tells investors. | |
ServiceNow announced it… ServiceNow announced it has signed an agreement to acquire Sweagle, a Belgium-based configuration data management company. ServiceNow said in a release, "The transaction will extend ServiceNow's DevOps and IT Operations Management, or ITOM, capabilities, giving customers the ability to leverage machine learning to identify and help prevent potential misconfigurations from causing outages in production and speeding up remediation. Along with its DevOps and IT Operations Management Health solutions, Sweagle will help accelerate ServiceNow's newly introduced Service Graph roadmap by managing configuration data for public and private cloud environments and modern application architectures, like microservices, containers, and serverless computing. ServiceNow expects to complete the acquisition at the beginning of Q3. Financial terms of the deal were not disclosed." |
| Over a month ago | ||||
Jefferies analyst Samad… Jefferies analyst Samad Samana said checks with ServiceNow-related industry contacts showed that deal activity and customer interest have increased following a slowdown in late March and early April. New bookings improved in May and Work-From-Home trends appear to be driving new expansion business from existing customers, said the analyst, who keeps a Buy rating on ServiceNow and identifies it as among his favorite large-cap software names. | ||||