With Its Nvidia Partnership in Hand, Is ServiceNow Stock a Buy?
After more than a decade of rapid cloud-computing growth, 2023 has finally been the year the industry has slowed a bit. Companies are in cash conservation mode, and they're finding far less use for new subscription-software services than in the recent past.
But one theme has been resilient: artificial intelligence (AI). Or put more simply, automation. With the economic slowdown and high inflation pinching budgets, companies are looking for ways to do more with less. As a result, ServiceNow (NYSE: NOW) has bucked the slowdown many cloud software companies have been reporting, and a new partnership with Nvidia (NASDAQ: NVDA) announced earlier this year could help sustain the company's lead.
ServiceNow provides a software-based platform for businesses to digitize their workflows. Be it technology, employee, or customer-facing tasks, ServiceNow helps integrate data across an organization to uncover inefficiencies and help its customers delete or automate these inefficiencies to boost productivity.
Source Fool.com
ServiceNow Inc. Stock
The stock is one of the favorites of our community with 66 Buy predictions and 1 Sell predictions.
With a target price of 809 € there is a slightly positive potential of 11.52% for ServiceNow Inc. compared to the current price of 725.4 €.
