ServiceNow (NYSE:NOW) stock is rising higher on Thursday as Wall Street analysts praise the cloud computing services company following its latest earnings report.
Goldman Sachs, Bank of America Securities and UBS all reiterated “buy” ratings for NOW stock this morning. Goldman Sachs even increased its price target for the shares from $800 to $910.
These are just a few of the analysts who weighed in on NOW stock this morning. Several others also reaffirmed positive ratings for the company following its earnings report.
NOW Stock Jumps on Earnings Beat
The interest in ServiceNow stock comes as investors celebrate the company’s fourth-quarter earnings beat. That saw it post revenue of $2.44 billion, which came in above Wall Street’s estimates for the period.
Adding to that is a strong outlook for Q1 2024. That includes subscription revenues coming in between $2.51 billion and $2.515 billion. The firm also expects full-year subscription revenues to range from $10.555 billion to $10.575 billion.
NOW stock is also seeing heavy trading alongside this news. This has more than 1.3 million shares changing hands. The company’s daily average trading volume is closer to 1.2 million shares.
NOW stock is up 1% as of Thursday morning and up 12.3% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
