BTIG Research raised its price target for ServiceNow to $170.00 from $150.00. The firm maintained a "buy" rating on the stock. This new target suggests a potential 20.3% upside from the company's previous closing price. The analyst action follows ServiceNow's recent quarterly earnings report. ServiceNow surpassed analysts' expectations for both earnings per share and revenue. The company reported an EPS of $0.90. Revenue reached $3.99 billion.
Regulatory filings revealed the California State Teachers Retirement System significantly increased its stake in ServiceNow. This occurred during the second quarter. CalSTRS purchased nearly 153 million additional shares. Its total ownership reached approximately 14.94% of the company. This stake holds a value of around $15.3 billion.