In this article, we discuss 5 best Jim Cramer stocks to buy now. If you want to read about some more Jim Cramer stocks, go directly to 11 Best Jim Cramer Stocks to Buy Now.
5. ServiceNow, Inc. (NYSE:NOW)
Number of Hedge Fund Holders: 99
ServiceNow, Inc. (NYSE:NOW) provides enterprise cloud computing solutions. It is one of the best Jim Cramer stocks to invest in. The journalist investor discussed the stock during an appearance on CNBC on October 12. He said the shares of the firm could pop soon as the market recovered.
At the end of the second quarter of 2022, 99 hedge funds in the database of Insider Monkey held stakes worth $5.2 billion in ServiceNow, Inc. (NYSE:NOW), compared to 90 in the preceding quarter worth $7.4 billion.
In its Q3 2021 investor letter, Palm Capital, an asset management firm, highlighted a few stocks and ServiceNow, Inc. (NYSE:NOW) was one of them. Here is what the fund said:
“ServiceNow, Inc. (NYSE:NOW) shares were our final top contributor for 3Q on a strong beat and raise quarter. The company reported 31% subscription revenue growth, 30% subscription billings growth, and a 19% non-GAAP FCF margin for the quarter, while raising full year subscription revenue and billings guidance to 29% and 31%, respectively, as well as raising non-GAAP FCF margin by 100 basis points to 31%.
ServiceNow, Inc. (NYSE:NOW) is a best-of-breed provider of both IT Service Management (ITSM) and IT Operations Management (ITOM) solutions to enterprise customers. The company’s products serve mainly its clients’ internal employee base with a current focus on automating the process of IT deployment, configuration and service and management of IT assets across an organization. Both its ITSM and ITOM solutions are delivered as a software-as-a-service (SaaS), and are each leading solutions in growing markets, driven by the secular trend of enterprises transitioning all aspects of their business and operations to the cloud. As the company maintains and adds customers, upsells them, and expands into adjacent markets, we believe ServiceNow, Inc. (NYSE:NOW) should sustain a strong long-term revenue and FCF growth trajectory.”
4. S&P Global Inc. (NYSE:SPGI)
Number of Hedge Fund Holders: 84
S&P Global Inc. (NYSE:SPGI) provides credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets. It is one of the top Jim Cramer stocks to invest in. On October 12, Cramer placed the firm among a basket of companies whose shares could pop in the coming weeks and months.
On August 29, Oppenheimer analyst Owen Lau maintained an Outperform rating on S&P Global Inc. (NYSE:SPGI) stock and raised the price target to $419 from $404, noting that the large stabilization in capital markets injects confidence that the shares can regain their footing.
Among the hedge funds being tracked by Insider Monkey, investment firm TCI Fund Management is a leading shareholder in S&P Global Inc. (NYSE:SPGI), with 8.8 million shares worth more than $2.96 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and S&P Global Inc. (NYSE:SPGI) was one of them. Here is what the fund said:
“Another example is S&P Global (NYSE:SPGI), the leading rating agency and data provider, whose stock declined 29.0% year-to-date and 17.5% during the second quarter as a result of growing investor concerns over the slowdown in debt issuance. While debt issuance volumes have seen a dramatic decline – the worst quarterly decline in a decade (down 41% year-over-year in the second quarter based on Goldman Sachs estimates), – and this led management to withdraw its 2022 guidance in early June, we do not believe it would result in a permanent loss of capital.
First, ratings represent only about 30% of S&P Global’s total revenues. Second, despite inherent volatility in quarterly or annual issuance, over the long-term issuance volumes follow the trends in levels of debt outstanding, which has compounded in the mid-single digits for many years. Lastly, we believe that S&P Global’s strong competitive positioning will enable it to continue benefiting from pricing power, while taking advantage of secular tailwinds such as the growth in passive and ESG investing, international expansion, and the growing demand for data analytics.”
3. Occidental Petroleum Corporation (NYSE:OXY)
Number of Hedge Fund Holders: 66
Occidental Petroleum Corporation (NYSE:OXY), together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties. It is one of the major Jim Cramer stocks to invest in. The journalist investor has recently said that the shares of the energy giant could be set to rally soon based on expert predictions by Carolyn Boroden.
On September 12, Piper Sandler analyst Ryan Todd maintained an Overweight rating on Occidental Petroleum Corporation (NYSE:OXY) stock and lowered the price target to $92 from $93, noting that near record distillate margins continue to drive upside to refining estimates.
At the end of the second quarter of 2022, 66 hedge funds in the database of Insider Monkey held stakes worth $13.8 billion in Occidental Petroleum Corporation (NYSE:OXY), compared to 67 in the previous quarter worth $12.6 billion.
In its Q2 2022 investor letter, Smead Capital Management, an asset management firm, highlighted a few stocks and Occidental Petroleum Corporation (NYSE:OXY) was one of them. Here is what the fund said:
“For the quarter, our best-performing stocks were Continental Resources (CLR), Merck (MRK) and Occidental Petroleum Corporation (NYSE:OXY). Despite a steep sell-off in June in the oil and gas stocks, two of our oil stocks made the quarterly list.
If you are wondering how we are outperforming the S&P 500 Index in the first half of the year, look no further than our top three performers. Occidental Petroleum (OXY), Continental Resources (CLR) and Conoco Phillips (COP) soared in value and were barely represented in the S&P 500 Index. To quote Jerry Jones, owner of the Dallas Cowboys, “We are in the first quarter on higher energy prices!”
2. Twitter, Inc. (NYSE:TWTR)
Number of Hedge Fund Holders: 69
Twitter, Inc. (NYSE:TWTR) operates as a platform for public self-expression and conversation in real-time. It is one of the elite Jim Cramer stocks to invest in. Although Cramer is bullish on the stock in the near-term, he has cautioned that the Elon Musk back-and-forth on purchasing the company could ultimately hurt the shares.
On October 5, Citi analyst Ronald Josey maintained a Neutral rating on Twitter, Inc. (NYSE:TWTR) stock and raised the price target to $54.20 from $40.
At the end of the second quarter of 2022, 69 hedge funds in the database of Insider Monkey held stakes worth $2.4 billion in Twitter, Inc. (NYSE:TWTR), compared to 68 in the preceding quarter worth $2 billion.
In its Q2 2022 investor letter, RGIGA Investment Advisors, an asset management firm, highlighted a few stocks and Twitter, Inc. (NYSE:TWTR) was one of them. Here is what the fund said:
“Early in the second quarter, we sold our Twitter (NYSE:TWTR) shares on the official announcement that Elon Musk would acquire the company at $54.20 per share. Although we typically would wait for what was then a large 7% merger/arb spread to close, we figured in this market environment it would be beneficial to move aside in the event future drama might ensue while building cash in order to opportunistically deploy into better opportunities. During the quarter, we saw the chance to do so and bought shares in four companies.”
1. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 128
Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. It is one of the prominent Jim Cramer stocks to invest in. Cramer is exceedingly bullish on the electronics giant. He recently advised investors to buy the stock during an appearance on CNBC.
On October 11, Barclays analyst Tim Long maintained an Equal Weight rating on Apple Inc. (NASDAQ:AAPL) stock and lowered the price target to $155 from $169.
At the end of the second quarter of 2022, 128 hedge funds in the database of Insider Monkey held stakes worth $143 billion in Apple Inc. (NASDAQ:AAPL), compared to 131 in the previous quarter worth $182 billion.
In its Q2 2022 investor letter, Alger Capital, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:
“Apple Inc.(NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity.”
You can also take a peek at 10 Best FTSE Dividend Stocks To Buy Now and 10 Best Italian Stocks To Buy Now.
