Jim Cramer is Bullish on These 5 Stocks

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1. ServiceNow Inc (NYSE:NOW)

Number Of Hedge Fund Investors: 99

In December 2023, Jim Cramer said that ” a lot of people” feel that ServiceNow Inc (NYSE:NOW) has become the “barometer” of the broader AI industry when it comes to stock gains as the analyst believes ServiceNow Inc (NYSE:NOW) has done an “amazing job.” Cramer at the time said that Nvidia was too controversial while ServiceNow Inc (NYSE:NOW) was not controversial. Earlier this month, Jim Cramer tweeted about ServiceNow Inc (NYSE:NOW) which shows he’s still highly bullish on ServiceNow Inc (NYSE:NOW).

“Loving ServiceNow into the q because, among other things, it’s close to NVDA—Melius.”

As of the end of the third quarter of 2023, 99 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in ServiceNow Inc (NYSE:NOW). The biggest stakeholder of ServiceNow Inc (NYSE:NOW) during this period was Rajiv Jain’s GQG Partners which owns an $832 million stake in ServiceNow Inc (NYSE:NOW).

Polen Focus Growth Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its fourth quarter 2023 investor letter:

“ServiceNow, Inc. (NYSE:NOW) continues to grow revenue and earnings at above a 20% rate, as they have for many years. The company has a software automation platform that efficiently builds applications on top of and across many enterprise functions. The NOW platform can automate almost any workflow previously done through email, spreadsheets, or some other less-than-efficient method. Its addressable market is very large because of the sheer breadth and depth of the tasks that can be automated by using its software. ServiceNow’s offerings tend to save customers money and make their workflows less prone to error. The company’s growth has been among the most consistent in our Portfolio prior to, during, and after the pandemic.”

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