ServiceNow Inc.'s stock /zigman2/quotes/202729495/composite NOW +1.38% is up 8.7% in Thursday morning trading and currently the day's top performer in the S&P 500 after the company exceeded earnings and revenue estimates in what William Blair analyst Bhavan Suri called a "massive" fourth quarter. The company saw an acceleration in subscription bookings driven by large-deal activity, wrote Suri, who rates the stock at outperform. Evercore ISI's Kirk Materne said that ServiceNow's commentary "continues to validate our thesis that the company has a large cross-sell opportunity in front of it" and called the company "one of the most unique compounding stories in software." He has an outperform rating on the stock and he lifted his target price to $360 from $344. The stock is up 20% over the past month, as the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.94% has risen about 1%.
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ServiceNow leads S&P 500 gainers as outlook inspires confidence in IT spending