We believe that ServiceNow Inc (NYSE:NOW) (“NOW” or the “Company”) is highly overvalued. We are short the stock. ServiceNow Inc (NYSE:NOW) 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. We have spoken to numerous industry professionals about ServiceNow and the IT Service Management…
The Short Thesis for Cloud Computing Company, ServiceNow Inc
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