ServiceNow (NYSE:NOW) shares are trading higher Thursday after the company reported better-than-expected second-quarter financial results on Wednesday after the market closed.

What To Know: The company reported adjusted earnings per share of $4.09, beating the consensus estimate of $3.57. In addition, ServiceNow reported sales of $3.21 billion, beating the consensus estimate of $3.12 billion.

Subscription revenue rose 22.5% year-over-year to $3.11 billion, while total revenue matched that growth rate at $3.21 billion.

The number of customers with more than $20 million in annual contract value increased more than 30% year-over-year.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Needham analyst Mike Cikos maintained a Buy rating on ServiceNow and raised the price target from $1050 to $1200.
• B of A Securities analyst Brad Sills maintained a Buy rating on ServiceNow and raised the price target from $1110 to $1200.
• Barclays analyst Raimo Lenschow maintained an Overweight rating on ServiceNow and raised the price target from $1200 to $1210.
• Wells Fargo analyst Michael Turrin maintained an Overweight rating on ServiceNow and raised the price target from $1150 to $1225.
• Cantor Fitzgerald analyst Thomas Blakey reiterated an Overweight rating on ServiceNow and maintained a $1200 price target.

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NOW Price Action: At the time of publication, ServiceNow stock is trading 3.09% higher at $986.01, according to data from Benzinga Pro.

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