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ServiceNow Reports Financial Results for Fourth Quarter and Fiscal Year 2016 finance.yahoo.com
“We finished 2016 with strong momentum and our business is firing on all cylinders,” said Frank Slootman, chairman and chief executive officer, ServiceNow. “Total revenues in 2016 grew 38% making ServiceNow the fastest growing enterprise software company with more than $1 billion in revenue.”
“Total backlog and deferred revenue at the end of 2016 was $2.8 billion, a 51% annual increase, up from a 35% annual increase in the prior year,” said Michael Scarpelli, chief financial officer, ServiceNow. “Strength in Q4 was driven by a record 27 new deals greater than $1 million in net new annualized contract value, and 31 net new Global 2000 customer wins.”
ServiceNow Security Operations replaces the manual work patterns of the past with intelligent workflows of the future and just added several new automation integrations from leading security vendors. In as little as 20 seconds, Security Operations automatically enriches each security incident with threat intelligence, including information from potentially affected endpoints. This allows security analysts to spend less time on researching problems and to get to resolution faster. In addition, ServiceNow Security Operations eliminates the need for manual data collection by automatically generating a post-incident report for later analysis, reporting or audit.
The firms have agreed to a multi-year, strategic partnership to offer ServiceNow's cloud-based service automation platform and IBM products and services to replace the unstructured work patterns of the past with intelligent workflows of the future.
Santa Clara, Calif.-based ServiceNow received at least four stock price-target hikes after delivering beat-and-raise Q1 results late Wednesday.
BMO Capital Markets reiterated its outperform rating on ServiceNow and increased its price target to 110 from 104. RBC Capital Markets kept its "top pick" rating on the cloud software developer and upped its price target to 110 from 108. Raymond James maintained its strong buy rating on ServiceNow and increased its price target to 110 from 105. Piper Jaffray kept its neutral rating on ServiceNow, but raised its price target to 98 from 94. investors.com