10 High-Valuation Stocks to Buy According to Billionaires

4. ServiceNow Inc. (NYSE:NOW)

Forward P/E: 50.5

Number of Billionaire Investors: 19

Number of Hedge Fund Holders: 110

ServiceNow Inc. (NYSE:NOW) provides a cloud-based platform for digital workflows, enabling organizations to automate and optimize their business processes. Its Now Platform offers solutions across IT service management, customer service, HR, and other areas.

ServiceNow Inc. (NYSE:NOW) is well-positioned to capitalize on the growing demand for workflow automation as a key player in the enterprise software market. To increase the depth of its services, the company recently announced the acquisition of AI firm Moveworks, whose AI assistant and enterprise search technology are expected to enhance ServiceNow’s AI and automation capabilities.

The acquisition was largely seen as a positive move. On March 11, a Mizuho analyst reaffirmed an Outperform rating after ServiceNow Inc. (NYSE:NOW) announced the $2.85 billion deal. The analyst noted that integrating Moveworks’ enterprise-grade search into company’s extensive customer base would strengthen its AI monetization. He described Moveworks as an “attractive asset” that enhances the company’s already strong AI positioning. However, due to recent compression in comparable valuation multiples, the analyst lowered his price target from $1,210 to $1,100.