ServiceNow reported earnings. 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.
ServiceNow received support from Wall Street analysts but what does Jim Cramer think about the stock?
He says that he'd buy ServiceNow following these earnings. And what does Wall Street think?
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.
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.