Gartner Names ServiceNow a Leader in CSM Solutions
Global research and advisory firm Gartner (IT) has recognized software firm ServiceNow (NOW) as a leader in the 2021 Gartner Magic Quadrant for the CRM Customer Engagement Center. Santa Clara-based ServiceNow offers enterprise cloud computing solutions.
ServiceNow has been named a leader for its Customer Service Management (CSM) solution for the second straight year. The solution is likely to be an annual contract value (ACV) business worth $1 billion.
The 2021 Gartner Market Share report said ServiceNow’s share in the global customer service and support market increased 75.6% last year. (See ServiceNow stock charts on TipRanks)
Wolfe Research analyst Alex Zukin recently maintained a Buy rating on the stock but lowered the price target from $675 to $600 (10% upside potential).
Zukin believes ServiceNow has a ‘very strong pipeline’ that will contribute to consistent outperformance. The analyst is ‘very positive’ about the company’s future, its current priorities, and strategic positioning.
Overall, the stock has a Strong Buy consensus rating based on 18 Buys and 1 Hold. The average ServiceNow analyst price target of $615.17 implies 12.7% upside potential from current levels. The company’s shares have gained 36.2% over the past year.
According to TipRanks’ Smart Score rating system, ServiceNow scores an 8 out of 10. This suggests that the stock is likely to outperform market averages.
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