5 Best Big Tech Stocks to Buy Now

In this article, we will be taking a look at the 5 best big tech stocks to buy now. To read our analysis of the recent technology trends, and market activity, you can go to the 12 Best Big Tech Stocks to Buy Now.

5. ServiceNow, Inc. (NYSE:NOW)

Market Capitalization as of October 10: $84.5 billion

Current Share Price as of October 10: $378.68

Number of Hedge Fund Holders: 99

Santa Clara, California-based ServiceNow, Inc. (NYSE:NOW) provides a cloud-based computing platform to help organizations manage digital workflows for enterprise operations. It boasts more than 7,400 customers including 80% of the 500 largest U.S. companies.

In July, ServiceNow, Inc. (NYSE:NOW) reported its financial results for Q2 2022. Its revenue increased by 24% y-o-y to $1.8 billion while the company generated a net income of $20 million. It generated a normalized EPS of $1.62 for the quarter, beating the consensus by $0.07.

ServiceNow, Inc. (NYSE:NOW) shares have taken a beating so far this year with shares down by 38.19% year-to-date, as of October 10. A majority of the analysts are bullish on the prospects of the company with average price target of $557.15 for its shares, representing a 47% potential upside in the share value.

On October 10, JPMorgan analyst Mark Murphy resumed coverage of ServiceNow, Inc. (NYSE:NOW) shares and upgraded the rating to ‘Overweight’ from ‘Neutral’ with a $460 price target. The analyst believes that “large growth runway and remains among the ‘best homes in a temporarily deteriorating neighborhood.'”

As of Q2 2022, 99 of the 895 hedge funds tracked by Insider Monkey owned shares of ServiceNow, Inc. (NYSE:NOW), valued at $5.2 billion. Its largest shareholder was Ken Fisher’s Fisher Asset Management with ownership of 1.5 million shares valued at $694 million.