ServiceNow Gains Premarket; Goldman Sees 50% Rally

By Dhirendra Tripathi – ServiceNow (NYSE:) stock gained more than 2% in Thursday’s premarket trading following a bullish commentary from Goldman Sachs (NYSE:) about the company.

The influential investment bank has placed ServiceNow on its conviction list, and sees the potential for the software company’s stock to rally 50%. The stock closed at $464.71 Wednesday.

Goldman Sachs expects ServiceNow to put its recent struggles behind and resume growth soon to become a major player in the enterprise software segment.

Analyst Kash Rangan said the company’s customer base, which suffered during the pandemic, should lift over time.

As of March 31, 2021, the company had 1,146 total customers with more than $1 million in annual contract value.

For fiscal 2020 ended December 31, the company had total revenues of $4.51 billion, up 31%. Total revenue for first quarter 2021 rose 30% year-on-year to $1.36 billion.

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