2 Unstoppable Tech Stocks to Buy Without any Hesitation

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2 Unstoppable Tech Stocks to Buy Without any Hesitation

The tech sector ******** a popular source of investing ideas due to the fast-paced growth often seen by the best companies. Not all tech stocks are winners, but identifying companies with strong financials, consistent results, and bright futures is key for investors looking for long-term, market-beating results.

These two software companies offer compelling investment opportunities because of their market leadership and clear paths to continued success. Let’s dig in to see why these are two of the best stocks to buy without any hesitation.

ServiceNow

Most companies need two kinds of software. Public-facing software helps the company reach the world and internal software helps the business run efficiently. ServiceNow (NYSE: NOW) helps businesses manage their operations in areas like human resources, technology, and customer-service management.

ServiceNow has a long history of impressive performance and steady growth, and the recently reported second quarter of 2024 was no exception. Subscription revenue increased by 23%, and current remaining performance obligations (revenue that will be recognized in the next 12 months) grew by 22%.

The company also has a long track record of expanding its customer relationships. In Q2, the number of customers with an annual contract value (ACV) of $1 million or more grew by 15%. This metric has increased sequentially in every quarter for the past two years.

ServiceNow is also putting a lot of focus on

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(AI) with its generative AI product called Now Assist. According to management, Now Assist has become the fastest-growing new product in the company’s history, with new ACV doubling over the first quarter.

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Not only is

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(NASDAQ: ADBE) the clear leader in the digital-creation space, but it has also been a market-beating stock over the long term. Over the past 10 years,

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’s stock return has outpaced the S&P 500 by nearly 500 percentage points.

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’s creative products, which include Photoshop and Illustrator, are the industry standard, and the long-term financial results of the company demonstrate their power in the market. In Q2 of 2024,

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’s revenue grew by 11%, and earnings per share (EPS) increased by 24%.

The fact that the bottom line is outpacing the top line demonstrates operational efficiencies by

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that ultimately are good for shareholders. Some of

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’s profits have been used to

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. Over the last five years, the company has reduced its shares outstanding by nearly 9%.

Like ServiceNow,

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is building AI tools into many of its products. Rather than viewing AI as a threat to creativity,

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views it as an assistant. Rather than taking time on mundane tasks, creators can use AI for that purpose so they can spend more time on the creative aspects of their projects. If

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can convince its users that these tools are worthwhile, this could be an additional revenue stream for the company.

Story continues

The bottom line for investors

As leaders in their spaces, both ServiceNow and

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have to keep bringing strong financial results to hold off competitors. Their interest in implementing AI into their products should help them keep their competitive position as long as these investments continue to lead to additional revenues and profits. Both companies are well positioned for the future, which is what makes them stocks to buy without hesitation.

Should you invest $1,000 in ServiceNow right now?

Before you buy stock in ServiceNow, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 

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for investors to buy now… and ServiceNow wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $657,306!*

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.

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*Stock Advisor returns as of July 29, 2024

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has positions in

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and ServiceNow. The Motley Fool has positions in and recommends

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and ServiceNow. The Motley Fool has a

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.

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was originally published by The Motley Fool

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#Unstoppable #Tech #Stocks #Buy #Hesitation

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