14 Best Cloud Computing Stocks to Buy Right Now

5. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 104

ServiceNow, Inc. (NYSE:NOW) is one of the 14 Best Cloud Computing Stocks to Buy Right Now. On February 9, Mike Cikos, an analyst from Needham, maintained a “Buy” rating on the company’s stock, setting a price objective of $155.00. The analyst highlighted the factors supporting ServiceNow, Inc. (NYSE:NOW)’s robust growth. The customer adoption of ServiceNow, Inc. (NYSE:NOW)’s Pro Plus modules, primarily the Now Assist capabilities, remains healthy as a large US financial services client showcased the tangible benefits, clear use cases, etc.

Additionally, the analyst hinted at ServiceNow, Inc. (NYSE:NOW)’s operating metrics, which continue to exhibit strong momentum in the overall business. Notably, the annual contract value associated with Now Assist surpassed $600 million. This reflects robust demand for AI-driven offerings.

In a separate update, on February 5, Truist reduced its price objective on the company’s stock to $175 from $240, while keeping a “Buy” rating. The analyst believes that the broad-based sectoral decline was mainly due to the concerns associated with the terminal value instead of the near-term fundamentals.

ServiceNow, Inc. (NYSE:NOW) is engaged in offering cloud-based solutions for digital workflows.