ServiceNow skyrocketed with the booming tech market.

February 9, 2024


ServiceNow (NOW) stock rose in line with the overall technology market. The Ithaka Group’s fourth-quarter 2023 investor letter highlighted that ServiceNow had a strong quarter and beat Street estimates on the top and bottom line.

The Ithaka Group’s “Ithaka US Growth Strategy” outperformed the Russell 1000 Growth index in 2023, with a 18.4% gain compared to 14.2%. This outperformance was mainly due to stock selection.

ServiceNow, Inc. (NYSE:NOW) is an enterprise cloud computing solutions provider. The company’s stock closed at $799.41 per share on February 8, 2024, with a one-month return of 9.63% and a gain of 74.41% in the past 52 weeks.

ServiceNow has become a leading provider of cloud-based software solutions for global enterprises. It offers IT service management applications and has expanded to provide workflow solutions for various enterprise departments.

ServiceNow’s stock appreciated in the fourth quarter of 2023 due to the overall rise in the technology market and strong earnings that beat Street estimates.

The company is in the 24th position on Insider Monkey’s list of the 30 most popular stocks among hedge funds. At the end of the third quarter, 99 hedge fund portfolios held ServiceNow compared to 93 in the previous quarter.

For more information on ServiceNow and for other investor letters from hedge funds, readers are encouraged to visit Insider Monkey’s website.

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