If Investors Are Selling, We’re Buying ServiceNow Post-3Q Results; Raising FVE to $135
ServiceNow’s third-quarter results came in ahead of our expectations once again, as the firm continues to have widespread success selling its broad-based platform of ITSM, ITOM, and enterprise service management applications. The firm closed 22 seven-figure deals in the quarter, many comprising multiple products, suggesting ServiceNow continues to benefit from increasing customer switching costs. We are maintaining our narrow moat and positive trend ratings. We are modestly lifting our 2017 subs...ServiceNow provides enterprise cloud computing services that define, structure, manage and automate digital workflows for global enterprises. The company markets its services to enterprises in a variety of industries, including consumer products, education, financial services, government, health care, information technology (IT) services and technology. The company sells its subscription services through direct sales and, to a lesser extent, through indirect channel sales. The company also provides a portfolio of personnel and other services, both directly and through its network of partners. The company's products include IT service management, IT operations management, IT business management, and security operations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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