ServiceNow, Inc. (NOW): Needham Maintains a Buy Rating

ServiceNow, Inc. (NYSE:NOW) is among the 14 Best Cloud Computing Stocks to Buy Right Now.

On February 9, Mike Cikos, an analyst from Needham, maintained a “Buy” rating on the company’s stock, setting a price objective of $155.00. The analyst highlighted the factors supporting ServiceNow, Inc.’s robust growth. The customer adoption of ServiceNow, Inc.’s Pro Plus modules, primarily the Now Assist capabilities, remains healthy as a large US financial services client showcased the tangible benefits, clear use cases, etc.

Additionally, the analyst hinted at ServiceNow, Inc.’s operating metrics, which continue to exhibit strong momentum in the overall business. Notably, the annual contract value associated with Now Assist surpassed $600 million. This reflects robust demand for AI-driven offerings.

In a separate update, on February 5, Truist reduced its price objective on the company’s stock to $175 from $240, while keeping a “Buy” rating. The analyst believes that the broad-based sectoral decline was mainly due to the concerns associated with the terminal value instead of the near-term fundamentals.

ServiceNow, Inc. is engaged in offering cloud-based solutions for digital workflows.

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