Evercore ISI Reaffirms Their Buy Rating on ServiceNow (NOW)

In a report released yesterday, Kirk Materne from Evercore ISI maintained a Buy rating on ServiceNow, with a price target of $1,125.00. The company’s shares closed yesterday at $923.70.

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According to TipRanks, Materne is a 5-star analyst with an average return of 11.8% and a 60.65% success rate. Materne covers the Technology sector, focusing on stocks such as Intuit, Microsoft, and Workday.

Currently, the analyst consensus on ServiceNow is a Strong Buy with an average price target of $1,161.27, implying a 25.72% upside from current levels. In a report released on October 10, Wells Fargo also maintained a Buy rating on the stock with a $1,225.00 price target.

Based on ServiceNow’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.22 billion and a net profit of $385 million. In comparison, last year the company earned a revenue of $2.63 billion and had a net profit of $262 million

Based on the recent corporate insider activity of 181 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NOW in relation to earlier this year. Last month, Anita Sands, a Director at NOW sold 1,097.00 shares for a total of $1,003,867.10.