Hot Tech Stocks to Buy: ServiceNow (NOW)
Cloud computing company ServiceNow Inc (NYSE:NOW) helps businesses create “intelligent workflows of the future.” For example, the NOW platform automates all the multiple business processes and produces a clear system of action.
And the Street is certainly bullish that NOW is on the right track. The stock has a “strong buy” consensus from best-performing analysts, with 12 buy ratings and only three hold ratings. Furthermore, the average price target of $121.50 translates into impressive upside of 15% from the current share price.
On July 27, top 10 Canaccord Genuity analyst Richard Davis ramped up his NOW price target to $130 from $110. He believes that NOW is one of a small handful of companies that can transform into a next-generation platform.
Meanwhile Oppenheimer’s Brian Schwartz gave this response to NOW’s better-than-expected earnings results on July 27:
“ServiceNow’s 2Q results were marked by another beat and raise performance, 35%+ growth displayed across the leading business indicators, and solid cash generation. The quarterly results and outlook reinforce that ServiceNow’s business is experiencing strong momentum and increasing demand for the ancillary products and services.”