NOW
New money, same enterprise software obsession
First Horizon Corp just went from “tiny nibble” to “okay, that’s a real bet” on ServiceNow. The bank reported a fresh buy of 64,113 shares, bringing its total position to 64,395 shares worth about $9.865 million at quarter-end.
Why you should care
Institutional buying isn’t a crystal ball, but it does tell you where professional money is sniffing around. In ServiceNow’s case, that matters because the stock has been juggling a mixed bag of signals: solid earnings, a pricey valuation, analyst target cuts, and insider selling all in the same neighborhood.
The ServiceNow soap opera continues
The article also notes that ServiceNow recently posted:
- revenue of $3.57 billion, up 20.7% year over year
- EPS of $0.92, ahead of the $0.89 estimate
- insiders selling 16,237 shares over the last 90 days
So yeah, you’ve got one hand on the accelerator and another on the brake. That’s not exactly a clean narrative, but it’s the kind of noise investors have to sort through when a mega-cap software name is trying to justify its premium tag.
Big picture
First Horizon’s move is a vote of confidence, not a victory lap. For NOW shareholders, it’s one more sign that institutions still want exposure to the company’s workflow-software empire — even if Wall Street keeps fiddling with the spreadsheet like it’s a late-night group project.