Ensemble Capital Management, an investment management company, has released its third quarter 2022 investor letter. A copy of it can be downloaded here. In the third quarter, the strategy outperformed its benchmark, the S&P 500, after three consecutive quarters. The strategy fell 2.6% compared to a 4.9% decline for the S&P 500 Index in the quarter. In addition, please review the fund’s top five holdings to find out 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. stock closed. (NYSE:NOW) at $348.61 per share. The one month return of ServiceNow, Inc. (NYSE:NOW) is -15.22% and its shares have lost 48.75% of their value over the past 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $70.419 billion.
Here’s 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 slowdown with new deals closing especially in Europe. ServiceNow software helps large enterprises move workflows to a cloud-based software platform and is an essential tool to enable digital transformation. This change 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 the 16th position on our list of the 30 Most Popular Stocks in Hedge Funds. According to our database, 99 hedge fund portfolios hold 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 see our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article was originally published on Insider Monkey.
#Ensemble #Capital #Hopes #ServiceNows #Growth #Prospects #Source Link #Ensemble Capital Hopes on ServiceNow’s (NOW) Growth Prospects.
