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NOW US - Accumulate $80-$110; STP <$80; PT $147. Growth Sound, Margins Good Enough.

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NOW US - Accumulate $80-$110; STP <$80; PT $147. Growth Sound, Margins Good Enough.
Photo by Aleksey Oryshchenko / Unsplash

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Analysis by Alex King for Cestrian Capital Research, Inc.

DISCLOSURE: Cestrian staff personal accounts hold long position(s) in $NOW.

Summary

ServiceNOW (NOW US) has been hammered by the we-can-just-vibe-code-it motif in enterprise software, down 66% peak to trough from the January 2025 high to the (so far) April 2026 low. Volume picked up in earnest from around February this year when the bulk of the selling was done; institutional accumulation looks to be in the range $81-$110. The stock hit $138 briefly in June, testing the 200-day from below; that failed but the retrace held up with a higher low. I think the stock is likely set to push upwards from here. Price targets and proposed stop levels, together with fundamental analysis, follow below.