Is it a Great Time to Take Some Profits in Your ServiceNow (NOW) Stake?

Polen Capital, an investment management firm, released its “Polen Global Growth” third quarter 2023 investor letter, a copy of which can be downloaded here. Polen Capital’s Global Growth Composite Portfolio, referred to as the “Portfolio,” experienced a decrease of -3.19% and -3.46% gross and net of fees, which closely tracked the performance of the MSCI ACWI, known as the “Index,” which declined by -3.40% over the quarter. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.

In its Q3 2023 investor letter, Polen Global Growth mentioned ServiceNow, Inc. (NYSE:NOW) and explained its insights for the company. ServiceNow, Inc. (NYSE:NOW) is a Santa Clara, California-based software company with a $124 billion market capitalization. ServiceNow, Inc. (NYSE:NOW) delivered a 56.27% return since the beginning of the year, while its 12-month returns are up by 67.73%. The stock closed at $606.76 per share on November 3, 2023.

Here is what Polen Global Growth has to say about ServiceNow, Inc. (NYSE:NOW) in its Q3 2023 investor letter:

“During the quarter, we trimmed ServiceNow. For ServiceNow and Microsoft, the price of each business has increased since the beginning of the year. We felt it prudent to trim the position sizes back, with ServiceNow representing a slightly below average Portfolio weight and Microsoft remaining as one of the largest positions.”

A senior executive presenting a software solutions demo to a captivated audience.

Our calculations show that ServiceNow, Inc. (NYSE:NOW) ranks 22nd on our list of the 30 Most Popular Stocks Among Hedge Funds. ServiceNow, Inc. (NYSE:NOW) was in 93 hedge fund portfolios at the end of the second quarter of 2023, compared to 96 funds in the previous quarter. ServiceNow, Inc. (NYSE:NOW) delivered a 9.99% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.

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