More Excellence from ServiceNow in Q3

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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