Morgan Stanley Thinks ServiceNow’s Stock is Going to Recover

In a report released today, Keith Weiss from Morgan Stanley maintained a Buy rating on ServiceNow (NOWResearch Report), with a price target of $556.00. The company’s shares closed last Thursday at $441.05, close to its 52-week low of $406.47.

According to TipRanks.com, Weiss is a 5-star analyst with an average return of 13.9% and a 62.0% success rate. Weiss covers the Technology sector, focusing on stocks such as Qualtrics International, ZoomInfo Technologies, and Palantir Technologies.

ServiceNow has an analyst consensus of Strong Buy, with a price target consensus of $546.91, representing a 26.8% upside. In a report issued on July 19, Bernstein also initiated coverage with a Buy rating on the stock with a $646.00 price target.

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Based on ServiceNow’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.72 billion and net profit of $75 million. In comparison, last year the company earned revenue of $1.36 billion and had a net profit of $82 million.

Based on the recent corporate insider activity of 160 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Founded in 2004 and based in California, ServiceNow, Inc. is a software company which provides enterprise cloud computing solutions to help companies manage digital workflows for enterprise operations. The company offers its solutions to various sectors including healthcare, education, oil and gas, telecommunications, government, consumer products, technology, IT and financial services.

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