Salesforce also offers professional services and in-person and online courses to certify its customers and partners on architecting, administering, deploying and developing its service offerings. The company provides its services through direct sales and consulting firms, systems integrators and other partners.
The Goldman Sachs price objective is $325. Salesforce stock has a consensus target of just $223.85. Wednesday’s close was at $209.38, so hitting the Goldman Sachs target would be close to a 60% gain.
This was one of the hottest names over the past few years, and it could be poised for a big 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.
The $650 Goldman Sachs target price compares with the $539.39 consensus target, and ServiceNow stock ended Wednesday trading at $492.92. Hitting the Goldman Sachs target would be almost a 40% gain.
These four outstanding tech companies are the top picks in the sector at Goldman Sachs. They all have a dominant position in their respective corporate silos, and all offer some huge upside to the target prices. Given that more of the same trouble we have seen earlier this year could be coming our way in the second half of 2023 in the form of interest rates increases, inflation and market volatility, it makes sense to scale into positions slowly.
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