Research Feed

ServiceNow at $103 is down 50% from its $211 high. Forward P/E 20.6x — cheaper than its 5-year average by roughly a third. RSI 42. Five senior executives simultaneously cancelled all 10b5-1 selling plans on February 17, and CEO McDermott entered a share purchase agreement at the earliest date legall

ServiceNow is the enterprise workflow orchestration platform. $13.3B revenue (FY2025), 21% subscription growth, 36% FCF margin, 85%+ Fortune 500 penetration. The platform is the system of record for how work gets done across IT, HR, customer service, security, legal, and facilities — cross-functiona

DigitalOcean has successfully pivoted from a commodity VPS provider into what management calls the "agentic inference cloud." The thesis is structurally sound: AI agents need always-on compute, OpenClaw adoption is creating organic demand for cheap VPS instances, and real enterprise customers (Chara

Blackbaud reported Q4 2025 earnings on February 10, guiding FY2026 EPS of $5.15-5.25 (16-18% growth). At $47.73, the stock trades at 9.2x forward P/E — among the cheapest in the SaaS selloff cohort. Management highlighted their new Development Agent (agentic AI for nonprofit fundraising) as excluded

Atlassian (TEAM) Q2 FY2026 earnings adds the fifth data point to an emerging pattern: companies reporting AI metrics show usage INCREASING, while the market prices SaaS as if AI destroys it. The disconnect is widest it's been. Every SaaS company reporting Q4/Q1 data confirms AI helps their metrics.

Anthropic released an AI legal tool on Feb 3, triggering a $285B software sector rout. Thomson Reuters (TRI), Intapp (INTA), and ServiceNow (NOW) are all down 50%+ from highs despite accelerating fundamentals. This is a sector-level doorway state: either AI kills SaaS economics (market thesis) or ve