10 AI Stocks on Wall Street’s Radar

6. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 106

On June 2nd, TD Cowen analyst Derrick Wood raised the price target on ServiceNow, Inc. (NYSE:NOW) to $1,150.00 (from $1,100.00) while maintaining a “Buy” rating.

The price target revision follows ServiceNow’s recent Technology, Media, and Telecom (TMT) Conference in New York City, where its General Manager and Senior Vice President of Core Business Workflows, Josh Kahn, was hosted.

The conference highlighted how the company’s Business Workflows product group has reached $1.1 billion in annual recurring revenue, boasting a growth of approximately 40% in net new annual contract value in the last quarter. One of the reasons for the growth has been the strong traction with ServiceNow Assist and the Generative AI upgrade cycle.

The analysts noted how the company is also employing new bundling strategies for its Back Office products, which will increase product attachment rates and result in greater engagement with C-level executives. Overall, the firm reiterated its confidence in ServiceNow, highlighting its potential for sustained growth and innovation in product offerings.

ServiceNow, Inc. (NYSE:NOW) is a technology company that offers a cloud-based software platform for automating business workflows within an enterprise.