ServiceNow Inc

NOW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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The Only Thing to Fear Is Fear Itself; We See Buying Opportunities in Software

Dan Romanoff

Feb 4, 2026

Software stocks have underperformed for months, with a sharp sell-off on Feb. 3, which we surmise was driven by Anthropic’s release of the legal plugin for its large language model Claude and by Gartner's stark 2026 guidance, which reflects negatively on the enterprise IT spending environment.

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ServiceNow Inc

The Only Thing to Fear Is Fear Itself; We See Buying Opportunities in Software

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