15 High Growth Companies Hedge Funds Are Buying

5. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 110

Average 5-Year Revenue Growth: 26.82%

ServiceNow, Inc. (NYSE:NOW) is a California-based company that operates a cloud-based platform enabling businesses to automate and streamline their workflows. It offers AI-powered tools for machine learning, automation, and analytics, in addition to solutions for IT service management, security, asset management, and customer service. NOW is one of the best high growth stocks to monitor.

On May 1, Truist analysts upgraded ServiceNow, Inc. (NYSE:NOW) to Buy from Hold and raised the price target from $950 to $1,200, citing the company’s strong position in AI and enterprise IT. Analysts believe ServiceNow’s platform will drive continued growth, especially in CRM and AI. Despite its premium valuation, Truist sees solid long-term potential, forecasting strong revenue growth in the coming years.

ServiceNow, Inc. (NYSE:NOW) reported $3.005 billion in subscription revenue for Q1 2025, up 19% from the same period last year. The company’s AI-driven platform is helping businesses transform, and NOW is seeing strong growth in new contracts. It is also making some strategic moves, including acquiring Moveworks and Logik.ai to boost its AI and CRM capabilities. ServiceNow has also partnered with companies like Aptiv, Vodafone, and Google Cloud to further expand its AI solutions across different industries.

According to Insider Monkey’s fourth quarter database, 110 hedge funds reported owning stakes in ServiceNow, Inc. (NYSE:NOW), compared to 78 funds in the last quarter. Ken Fisher’s Fisher Asset Management was the largest stakeholder of the company, with 1.6 million shares valued at $1.78 billion.