Shares of the Santa Clara, Calif.-based company were up 2.7% to $497.10.
J.P. Morgan analyst Sterling Auty raised his price target on the stock to $550, up from $470, saying in an investors' note "results are what we have come to expect out of ServiceNow, one of the most consistent execution stories in software."
"ServiceNow is a preeminent infrastructure software company in terms of growth at scale, and it is targeting a total addressable market (TAM) that is estimated to be $110B," said Auty, who has a neutral rating on the stock.
The company reported earnings of $1.21 a share, up from 99 cents a share a year ago and ahead of the Zacks estimate of $1.03. Revenue rose 31% to $1.09 billion, topping estimates of $1.06 billion.
Citi analyst Walter Pritchard raised his price target on the stock to $589 from $518, while keeping a buy rating on the shares. ServiceNow met high expectations with "clean upside" and a slight raise to guidance, Pritchard said.
Raymond James analyst Robert Majek boosted his price target on ServiceNow to $575 from $490, while keeping a strong buy rating on the shares following the company's "solid" third-quarter numbers.
The analyst said that he continues to believe the company is the dominant leader in Information Technology Service Management and has further opportunity to become one of the top 2-3 strategic enterprise SaaS vendors as it broadens its reach outside of IT into customer and employee workflows.
Needham analyst Jack Andrews raised his price target to $538 from $490 and keeps a buy rating on the shares.
He noted the company's "very strong" results across all metrics. Andrews said expects these to reassure investors that the environment for large-scale digital transformation projects is "healthy".
Oppenheimer analyst Brian Schwartz said ServiceNow "has established itself as one of the fastest growing and more profitable companies in the SaaS industry."
"However, we think the good news is already priced into the stock as current valuation multiples imply much meaningful success for the business and strong execution for the next several years without any slips or impacts from a recession," said the analyst who has a perform rating on the stock.