ServiceNow (NOW) has received a fresh Buy rating from Wells Fargo analyst Michael Turrin, who set a price target of $190.00 for the tech company. The stock closed yesterday at $157.00, leaving room for potential upside according to Turrin’s outlook.
Turrin, who covers the Technology sector and tracks stocks like Salesforce, Palo Alto Networks, and CrowdStrike Holdings, has a mixed track record. His recommendations average a -1.2% return with a 45.97% success rate, according to TipRanks.
The broader analyst consensus leans toward a Strong Buy for ServiceNow, with an average price target of $170.48. The company’s latest earnings report for the quarter ending June 30 showed revenue of $3.99 billion and a net profit of $298 million, up from $3.22 billion and $385 million in the same period last year.
Despite the positive analyst sentiment, insider activity suggests caution. Over the past quarter, 123 insiders have shown negative sentiment, with more selling shares than buying. Notably, Paul Fipps, the President of ServiceNow, sold 2,034 shares last month for $300,767.58.