Ensemble Capital is Hopeful on ServiceNow (NOW)’s Growth Prospects

Ensemble Capital Management, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed its benchmark, the S&P 500, after three consecutive quarters. The strategy declined 2.6% compared to a 4.9% decline for the S&P 500 Index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Ensemble Capital discussed stocks like ServiceNow, Inc. (NYSE:NOW) in the Q3 2022 investor letter. ServiceNow, Inc. (NYSE:NOW) is a software company headquartered in Santa Clara, California. On October 17, 2022, ServiceNow, Inc. (NYSE:NOW) stock closed at $348.61 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was -15.22% and its shares lost 48.75% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $70.419 billion.

Here is what Ensemble Capital specifically said about ServiceNow, Inc. (NYSE:NOW) in its Q3 2022 investor letter:

“ServiceNow, Inc. (NYSE:NOW) (-20.6%): While ServiceNow’s mission critical software is an area we expect to remain very resilient even in the face of a difficult macro-economic environment, the company has seen a slow down in new deals closing particularly in Europe. ServiceNow’s software helps large enterprises shift workflows onto a cloud-based software platform and is a key tool to enable digital transformation. This transformation is something that all large companies will need to grapple with as they seek to drive revenue and lower costs by making their business processes more efficient.”

ServiceNow, Inc. (NYSE:NOW) is in 16th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of the second quarter which was 90 in the previous quarter.

We discussed ServiceNow, Inc. (NYSE:NOW) in another article and shared Aristotle Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.