Cloud-based services company ServiceNow (NYSE:NOW) has rallied more than 80% in the past year. Its respected cloud computing services make digital workflows much more efficient. But is it likely that NOW will continue to move higher in 2021? Let’s take a closer look.ServiceNow (NOW) provides cloud-based services that automate IT operations. NOW's offerings are highlighted by an application suite built into its proprietary platform to automate workflows and integrate processes.
Based in Santa Clara, California, NOW is held in high regard throughout the tech industry. The company’s cloud computing services make digital workflows more efficient, empowering businesses to boost productivity by streamlining their processes. In short, NOW makes it easy for its customers to design workflow applications, ultimately decreasing the amount of time it takes to complete complex and repetitive processes.
NOW’s value proposition certainly has its merits. However, providing something of value does not necessarily guarantee a stock's price will increase. So, here’s what we think could shape NOW’s performance in the near term: