More Excellence from ServiceNow in Q3
Oct 25, 2024
ServiceNow continues its roll as a predictable, stable, rapid growth firm - and the market is rewarding it. Sales were up 22% in the quarter, with margins expanding significantly and free cash flow more than doubling from a year ago. This is an "under-the-radar" AI leader, with automated service desk actions being a fantastic use case for the technology. Current backlog grew a healthy 26%, with total backlog up 36% over last year at this point. A firm truly hitting on all cylinders, I'm hiking the fair value target up to $723. The market is way ahead of us on this one. Our position has close to tripled, and the stock now looks overvalued, but we will continue to hold it.
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Watch List
| APPF | -3.02% |
| CMG | 43.83% |
| VEEV | 16.09% |
| INTU | 19.56% |
| WDAY | -7.52% |
| PSTG | -0.65% |
| RDDT | 18.10% |
| NTNX | 24.37% |
| CRWD | 94.01% |
| SE | 26.50% |
| SNOW | 13.14% |
vs. Fair Value Estimates
Buy List
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vs. Fair Value Estimates
Hold List
| ASML | -22.86% |
| VTEX | -14.24% |
| ASR | -23.26% |
| CELH | 46.96% |
| TOST | 20.33% |
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| PAYC | -18.13% |
| MNDY | 18.61% |
| GLBE | -21.26% |
| ZS | 32.26% |
| V | -7.16% |
| ADSK | -0.03% |
| NOW | 14.16% |
| MELI | -23.30% |
| FTNT | -0.20% |
| TEAM | 0.30% |
vs. Fair Value Estimates