Polen Capital – Focus Growth NOW
Bull thesis on ServiceNow Inc from Polen Capital – Focus Growth
Unconventional Value 2025 Q4 (PL)
Pitch Summary: I think the calculus looks a lot different at 22x revenue than 2x revenue. I think we’ve seen a huge chunk of returns in a very short period. I think the market was too pessimistic before, and maybe too optimistic today. Today, everyone buys the space stock glory, views Planet as an AI […]
Montaka Global Investments 2025 Q4 (NOW)
Pitch Summary: Enterprise software leaders like ServiceNow and Salesforce have been sold off as part of a broad-brushed negative narrative on software disruption by AI. We remain cognisant of these risks and follow them closely. On balance, however, we continue to see low probabilities that enterprise customers will be successful at, or even try to […]
WestEnd Capital 2024 Q3 (GTLB)
Pitch Summary: We think the next big wave of spending for artificial intelligence will shift from infrastructure build-out/chips/data centers to software development. Gitlab is an enterprise hub for software development, enabling teams to collaborate efficiently from code creation to deployment. The company’s promise lies in providing a single interface for version control, continuous integration, and […]
Baron Partners Fund 2025 Q4 (FDS)
Pitch Summary: FactSet, a leading provider of investment management tools, declined due to a combination of industry-wide concerns about AI and cautious commentary from several financial data and software peers. We maintain conviction in FactSet due to the large addressable market, sticky customer base (95%-plus retention rates), consistent execution on both new product development and […]
Salesforce, Inc. (CRM) – market participant
Pitch Summary: @undrvalue argues that enterprise SaaS has been broadly derated due to investor anxiety that AI will commoditize software and compress pricing. In that context, Salesforce is framed as a large-cap “quality” beneficiary trading at unusually low multiples relative to its own history. The core bull case is that sticky workflows, data lock-in, and […]
UiPath, Inc. (PATH) – Jake Browatzke
Pitch Summary: @jakebrowatzke presents a detailed long-term valuation-driven bull case for UiPath centered on the success of its Maestro AI agent orchestration platform. The thesis assumes Maestro meaningfully increases product stickiness and monetization of UiPath’s core RPA base, sustaining low-teens core growth while adding a second high-margin ARR engine. Management commentary is used to justify […]
UiPath Inc. (PATH) – Montana Matos
Pitch Summary: @MontanaMatos argues UiPath is set up for a positive expectation reset because reported growth and product momentum appear stronger than what the sell-side is modeling. The post cites mid-teens year-over-year revenue growth as evidence the core business is not slowing the way consensus seems to assume. The key catalyst is guidance: if management […]
UiPath Inc. (PATH) – Weary Centurion
Pitch Summary: @weary_centurion argues UiPath is being misframed as a fading RPA vendor when the market should be underwriting a much larger, long-duration platform opportunity. The core claim is that “Maestro” is the overlooked catalyst that can reignite growth and broaden relevance across many industries beyond classic automation use cases. The thesis leans heavily on […]
monday.com Ltd. (MNDY) – Natan
Pitch Summary: @nataninvesting flags monday.com (MNDY) as a 2026 candidate, anchoring the idea on durable growth, strong large-customer retention, and the fact the company is already profitable. He frames the setup as partly contrarian: sentiment around SaaS in 2025 and fears of AI disruption have compressed valuation to what he views as an unusually attractive […]
Artisan Global Discovery 2025 Q4 (TTAN)
Pitch Summary: ServiceTitan is a leading provider of vertical software solutions for the trades, including plumbing, HVAC and electrical. Its platform supports the entire workflow from lead generation to payment, generating revenue through subscriptions and usage-based processing. We see meaningful growth opportunities through new customer acquisition, upselling and expansion into additional trades. During the quarter, […]
Brown Advisory Large-Cap Growth Strategy 2025 Q4 (NOW)
Pitch Summary: ServiceNow traded lower during the quarter despite delivering strong results and raising full-year guidance. The company posted solid revenue growth, margin expansion, and highlighted accelerating adoption of its AI offerings. Large deal momentum was robust across industries and geographies. However, negative sentiment toward application software vendors and the announcement of a planned $8 […]
Emerald Wealth Partners – Focused Equity Strategy 2025 Q4 (NOW)
Pitch Summary: ServiceNow was the second largest detractor this year, with its stock down 27.7%. It suffered from fears that AI will disrupt enterprise software. We think ServiceNow suffers from none of that. On the contrary, it is well positioned to become the connective tissue between enterprises’ AI applications. Fragmentation of IT assets increases the […]
2025 Q4 Sands Capital Select Growth Fund 2025 Q4 (NOW)
Pitch Summary: ServiceNow and Atlassian lagged growth equities and weighed on investment results in 2025. Both businesses faced persistent macro pressure on software broadly, driven by investor concerns that AI could lower barriers to entry, displace legacy platforms, or limit seat-based pricing growth through efficiency gains. Despite this, each business has delivered solid operating results […]
Columbia Global Technology Growth Fund 2025 Q4 (NOW)
Pitch Summary: ServiceNow (NOW) posted mid-teens losses during the quarter as investors reassessed valuation amid federal government business headwinds and concerns over capital allocation. The company announced a $7.75 billion all-cash acquisition of cybersecurity firm Armis, its largest deal ever, raising questions about strategic focus. Despite this, ServiceNow continues to transform into an AI-powered enterprise […]
Ithaka US Growth Strategy 2025 Q4 (NOW)
Pitch Summary: ServiceNow has become the leading provider of cloud-based software solutions that define, structure, manage and automate workflow services for global enterprises. The company pioneered cloud-delivered IT service management and expanded into operations, customer support, HR, and security workflows. ServiceNow’s stock sold off in the fourth quarter as investors priced in fears that the […]
Ithaka US Growth Strategy 2025 Q2 (NOW)
Pitch Summary: Founded in 2004, ServiceNow has become the leading provider of cloud-based software solutions that define, structure, manage and automate workflow services for global enterprises. ServiceNow pioneered the use of the cloud to deliver IT service management (“ITSM”) applications. These applications allow users to manage incidents and to plan new IT projects, provision clouds, […]
Meditation Capital 2025 Q2 (MNDY)
Pitch Summary: Last quarter I wrote to you about how “An agonizing decision over whether to buy a great software company at 7x sales becomes a relatively easy one at 4-5x sales.” Recently, two software companies we’ve tracked for years and owned in the past, Monday.com and GitLab, fell from >11x NTM sales at peak […]
Columbia Global Technology Growth Fund 2025 Q3 (NOW)
Pitch Summary: ServiceNow underperformed during the quarter after the company provided guidance that investors viewed as cautious, and caused concern that renewal deals from large clients were being pushed out. The company’s AI innovations are gaining traction and support the company’s strategic positioning as a next-gen workflow and AI orchestration platform. BSD Analysis: ServiceNow is […]
Sands Capital Global Growth Fund 2025 Q3 (AXON)
Pitch Summary: Axon delivered 33% revenue growth and 18% ARR expansion despite a short-term valuation pullback. The Prepared acquisition strengthens its AI platform for 911 call centers, enhancing end-to-end workflow integration. BSD Analysis: Sands Capital highlights Axon’s recurring revenue strength and expanding AI ecosystem as durable competitive advantages. With gross margins >60% and accelerating SaaS […]
