Here's Why ServiceNow Rallied 16% Last Month

Shares of software outfit ServiceNow (NYSE: NOW) logged a 16% advance in June, according to numbers from S&P Global Market Intelligence. The perennial favorite won the favor of a couple of different kinds of company critics.

Not that the stock wasn't already primed for a rebound from a couple of sell-offs suffered earlier in the year, but whatever snapback was in the cards for ServiceNow was boosted by a pair of encouraging assessments.

The first of these came from Goldman Sachs, which added the stock to its so-called conviction list of names the bank firmly believes in. Already rated a buy, Goldman's price target stands at $695 per share, versus the stock's current price near $558. Goldman Sachs analyst Kash Rangan suggests the company could triple its revenue in just a few years thanks to computing-environment changes essentially forced by the pandemic.

Source Fool.com