Why ServiceNow Tumbled by Almost 8% on Thursday
Few investors were willing to buy software stocks on Thursday, as the rout in such titles extended into that trading session. That, plus a severe analyst price target cut, put the hurt on 's (NYSE: NOW) shares, pushing them down by nearly 8% on the day.
With several famous tech companies unveiling plans to boost their spending on next-generation artificial intelligence (AI) solutions, software developers are hardly the flavor of the moment on the market. ServiceNow's stock in trade is enterprise software, and these days the mere association with software is enough for investors to shun a stock -- no matter how enthusiastically it's embraced AI, as in the case of ServiceNow.
Image source: Getty Images.
Source Fool.com
ServiceNow Inc. Stock
€90.00
3.950%
Currently there is a rather positive sentiment for ServiceNow Inc. with 103 Buy predictions and 7 Sell predictions.
Based on the current price of 90.0 € the target price of 185 € shows a potential of 105.56% for ServiceNow Inc. which would more than double the current price.
