This was one of the hottest names last year, and it could be poised for a huge 2023. ServiceNow Inc. (NYSE: NOW) provides enterprise cloud computing solutions that define, structure, consolidate, manage and automate services for enterprises worldwide.
The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
ServiceNow also provides information technology (IT) service management applications; IT service management product suite for enterprise’s employees, customers and partners; IT business management product suite; IT operations management product that connects a customer’s physical and cloud-based IT infrastructure; IT Asset Management to automate IT asset life cycles; and security operations that connects with internal and third party.
In addition, it offers governance, risk and compliance products to manage risk and resilience; human resources, legal and workplace service delivery products; safe workplace applications; customer service management products; and field service management applications. Further, it provides App Engine products; IntegrationHub enables applications to extend workflows; and professional, industry solutions, and customer support services.
The company serves government, financial services, health care, telecommunications, manufacturing, IT services, technology, oil and gas, education and consumer products through direct sales team and resale partners. It has a strategic partnership with Celonis to help customers identify and prioritize processes that are suitable for automation.
ServiceNow stock has a $640 target price at Goldman Sachs. The consensus target is lower at $534.81, but still well above Tuesday’s close at $371.74.
These five top software companies are top picks in the tech sector at Goldman Sachs, and all have a dominant position in their respective silos. They all have some huge upside to the target prices too. Given that more of the same trouble we have seen this year (interest rate increases, inflation and market volatility) likely is still coming our way, it makes sense to scale into positions slowly.
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