5 High Growth IT Stocks to Buy

In this piece, we will take a look at the 5 best high-growth IT stocks to buy. If you want to go through our overview of the IT sector and the general stock market climate, then you can take a look at the 12 High Growth IT Stocks to Buy.

5. ServiceNow Inc. (NYSE:NOW)

P/E Ratio: 90.32

Number of Hedge Fund Holders: 99

Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is a leading American software company that develops a cloud computing platform aimed at helping businesses streamline digital workflows for enterprise operations. The company focuses on IT service management, IT operations management, and IT business management.

As of the third quarter of 2023, Insider Monkey’s tracking of 910 hedge funds revealed that 99 were investors in ServiceNow, Inc. (NYSE:NOW). The largest hedge fund stakeholder is GQG Partners, managed by Rajiv Jain, with a substantial investment totaling $831.6 million.

ClearBridge Multi Cap Growth Strategy made the following comment about ServiceNow, Inc. (NYSE:NOW) in its third 2023 investor letter:

“ServiceNow, Inc. (NYSE:NOW) is a leading provider of workflow automation software. We see the company as a key enabler of modernization and digital transformation, which is well-positioned as enterprises look to converge on a single platform solution. Despite its sizable customer base, we believe ServiceNow still has substantial room to expand spending with existing customers, as most have not fully leveraged its full product suite. We also are encouraged by the company’s strong leadership team and history of innovation which should enable it to continue to expand wallet share. Additionally, despite ongoing investments in growth, ServiceNow continues to drive healthy operating leverage.”