Needham & Company Starts ServiceNow (NOW) at Buy

Needham & Company analyst Jack Andrews initiates coverage on ServiceNow (NYSE: NOW) with a Buy rating.

The analyst commented, "We are initiating coverage of ServiceNow with a BUY recommendation and a price target of $224. NOW was founded in 2004 with an ambitious vision, based on the premise that a significant opportunity existed to automate many types of enterprise workflows by utilizing a SaaS delivery model. The company currently offers 7 powerful cloud solutions: 1.) SaaS-based IT service management tools (ITSM), 2.) IT Operations Management (ITOM), 3.) IT Business Management (ITBM), 4.) HR Service Delivery, 5.) Customer Service Management, 6.) Security Operations, and 7.) Intelligent Applications (a platform that non-programmers in enterprises can use to develop applications that solve business challenges)."

For an analyst ratings summary and ratings history on ServiceNow click here. For more ratings news on ServiceNow click here.

Shares of ServiceNow closed at $177.15 yesterday.

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