5 Tech Stocks to Buy Now According to Billionaire Steve Cohen

2. ServiceNow, Inc. (NYSE:NOW)

Stake Value in Point72 Asset Management’s 13F Portfolio: $179.71 million

Percentage of Point72 Asset Management’s 13F Portfolio: 0.75%

Number of Hedge Funds: 99

ServiceNow, Inc. (NYSE:NOW) creates a cloud-based platform to assist businesses in managing their digital workflows for business operations.

Analysts are optimistic about the company’s growth. John DiFucci analyst at Guggenheim maintained a neutral rating on the company stock and set a $510 price target.

Among the hedge funds tracked by Insider Monkey, 99 funds were bullish on ServiceNow, Inc. (NYSE:NOW) at the end of Q2 2022. Fisher Asset Management held shares worth $693.89 million in ServiceNow, Inc. (NYSE:NOW).

Here is what Ensemble Capital said about ServiceNow, Inc. (NYSE:NOW) in its Q2 2022 investor letter:

ServiceNow is an enterprise software company that helps their corporate customers integrate all of their various software products into a unified platform. Their products are a key element of driving the digital transformation nearly every large company is undergoing. At the recent JP Morgan investor day, CEO Jamie Dimon explained that while the company could reduce expenses if needed should the economy slow, that their spending on digital transformation would continue as this spending was critical to the company managing costs and maximizing revenue over time. As an example of this type of spending, Dimon specifically pointed to ServiceNow, calling out that the company’s products now oversaw the single largest collection of JP Morgan data and highlighted that working with them had saved JP Morgan $50 million over the past few years.

While we have high expectations for ServiceNow’s long-term growth rate, at the company’s investor day in late May they offered an increased growth outlook for the next five years as they target even higher levels of growth than we have been expecting.