We are short shares of NOW. Please click here to read full disclosures.
We believe that ServiceNow, Inc. (“NOW” or the “Company”) is highly overvalued. We are short the stock.
Our full report is available here.
The Company was taken public earlier this year at $18/share and has since ridden the cloud computing wave to a price of $30/share, implying an eye-popping 18.3x 2012E revenue multiple. Even if ServiceNow becomes the market leader and grows its share of the $1.5bn IT Help Desk market from the current 10%-15% to 30%, we believe the stock is still worth less than half of its current trading price…