5 Best Information Technology Services Stocks to Buy

2. ServiceNow Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 97

ServiceNow Inc. (NYSE:NOW) is a market leader in the IT Service Management sector. Its solutions help companies manage their digital workflows. It ranks 2nd in our list of the best information technology services stocks to buy. ServiceNow Inc. (NYSE:NOW) posted strong Q1 results. Revenue in the quarter jumped 22.1% year over year to reach $2.1 billion, beating estimates by an impressive $10 million.  Most importantly, the subscription revenue of the company increased 24% year over year in the quarter.

As of the end of the fourth quarter of 2022, 97 hedge funds were long ServiceNow Inc. (NYSE:NOW). The biggest hedge fund stakeholder of ServiceNow Inc. (NYSE:NOW) was Christopher Lyle’s SCGE Management which owns a $363 million stake in the company.