ServiceNow Inc. ($NOW) Stock Forecast: Down 6.9% Today

What is ServiceNow Inc.?

ServiceNow (NOW) is a software company offering business process automation solutions via a SaaS model. The company's services have diversified from IT service management to include customer service, HR services, and security operations.

Why is ServiceNow Inc. going down?

NOW stock is down 6.9% on Aug 2, 2024 14:03

• Profit-taking after a strong performance could explain the stock's bearish trend today.
• Concerns over insider selling arose when a board member exercised stock options valued at $2.42 million, potentially influencing investor sentiment negatively.
• Market interest in AI stocks and their growth potential may have temporarily diverted attention from ServiceNow.
• The extended partnership with Infosys, though beneficial in the long run, did not immediately impact the stock price, contributing to the bearish movement.

NOW Price Chart

NOW News

Bull of the Day: ServiceNow ( NOW )

ServiceNow's GenAI experience significantly overachieved expectations through its latest quarter, inking 11 deals greater than $1 million.

https://www.zacks.com/commentary/2314829/bull-of-the-day-servicenow-now

What Makes ServiceNow ( NOW ) a Strong Momentum Stock: Buy Now?

Does ServiceNow (NOW) have what it takes to be a top stock pick for momentum investors? Let's find out.

https://www.zacks.com/stock/news/2314496/what-makes-servicenow-now-a-strong-momentum-stock-buy-now

Board Member At ServiceNow Exercises Options Worth $2.42M

Disclosed in a recent SEC filing on July 31, Miller, Board Member at ServiceNow (NYSE: NOW ), made a noteworthy transaction involving the exercise of company stock options. What Happened: A notable Form 4 filing on Wednesday with the U.S. Securities and Exchange Commission revealed that Miller, Board Member at ServiceNow, exercised stock options for 3,286 shares of NOW, resulting in a transaction value of $2,422,767. Currently, ServiceNow shares are trading up 0.07%, priced at $815.0 during Thursday''s morning. This values Miller''s 3,286 shares at $2,422,767. About ServiceNow ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management, expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations.

https://www.benzinga.com/insights/news/24/08/40104794/board-member-at-servicenow-exercises-options-worth-2-42m

3 Must-Buy AI Stocks for Explosive Growth in 2024

Artificial Intelligence (AI) is everywhere, transforming industries left and right. Indeed, as AI advances into new realms and revolutionizes industries, it’s clear why placing bets on promising AI stocks could be a game-changer. Moreover, the potential for innovation and profitability seems virtually limitless. The global AI market is on an explosive trajectory. According to Fortune Business Insights, it’s expected to skyrocket from $621.19 billion in 2024 to a staggering $2.74 trillion by 2032 . This represents a robust compound annual growth rate (CAGR) of 20.4% throughout the forecast period. That said, wise investment decisions remain crucial. To fully benefit from this burgeoning industry, it is better to concentrate on three standout companies. These are not only trailblazers in their respective domains but also harness AI in remarkably impressive ways. Thus, now is the time to bet on these three AI stocks and build a successful portfolio for years to come. Micron Technology (MU) Source: Charles Knowles / Shutterstock.com Micron Technology (NASDAQ: MU ), a leading semiconductor company, uses AI to drive growth and innovation.

https://investorplace.com/2024/08/3-must-buy-ai-stocks-for-explosive-growth-in-2024/

Infosys expands collaboration with ServiceNow

To support enterprises with AI capabilities of the Now Platform and Infosys ESM Cafe ...

https://www.business-standard.com/markets/capital-market-news/infosys-expands-collaboration-with-servicenow-124080101339_1.html

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ServiceNow Inc. Price History

05.05.2024 - NOW Stock was up 5.1%

• The bearish stance taken by some investors in the options market did not deter the overall bullish sentiment towards ServiceNow, as evidenced by its continued revenue growth.
• Despite the sideways movement in the AI sector, ServiceNow has managed to outperform the stock market, reflecting strong investor confidence in the company's growth prospects.
• The inauguration of a new regional headquarters in Riyadh further solidifies ServiceNow's commitment to expanding its global presence, which could have contributed to the positive market movement.
• Overall, the combination of positive revenue growth, market outperformance, and strategic expansions like the new headquarters in Riyadh likely fueled the bullish movement in ServiceNow's stock today.

25.03.2024 - NOW Stock was down 5.1%

• Experienced a strong bearish movement today.
• Stock target was cut by $20, although it retained an Outperform rating.
• Despite the positive Q1 earnings beat and being hailed as the AI platform for business transformation, the market sentiment turned bearish.
• The news of a global insurance provider selecting 3CLogic to streamline contact center capabilities with ServiceNow may not have been enough to offset the negative market sentiment towards the stock.

30.04.2024 - NOW Stock was down 6.4%

• US equity futures saw a bearish trend today, despite lower bond yields, which is unusual as they usually show a negative correlation between Equity and Yields.
• There was a notable increase in options activity for ServiceNow, as major financial institutions made bullish moves on the stock.
• The tech sector, including ServiceNow, faced downward pressure due to Salesforce's disappointing guidance, resulting in a 15% decline in their stock.
• ServiceNow maintains an average brokerage recommendation to Buy, suggesting positive sentiment towards the stock despite today's bearish performance.

25.03.2024 - NOW Stock was down 6.3%

• The downward movement in ServiceNow Inc's stock (NOW) today may be linked to the following factors:
• Despite strong growth and strategic advancements reported in the latest earnings call, investors possibly reacted negatively to the company's performance compared to analyst expectations.
• Recent developments such as IBM's CEO collaborating with Nvidia to advance clients' AI initiatives could have shifted investor attention to other tech firms, resulting in a selloff of ServiceNow shares.
• Information spotlighting 3 stock picks anticipated to outperform the market this year, particularly small-cap and large corporations within the S&P 500, might have diverted investor interest from ServiceNow, impacting its stock performance adversely.
• Concerns among investors regarding the company's exclusion from the top stock picks for market outperformance, as detailed in recent analyses, could have contributed to the bearish sentiment surrounding NOW stock.

26.03.2024 - NOW Stock was up 5.2%

• ServiceNow's stock saw a strong bullish movement despite sliding earlier due to disappointing guidance, showcasing resilience in the face of short-term setbacks.
• The company's Q1 earnings beating estimates and revenue growth year over year highlighted the market's confidence in its digital workflow and AI solutions.
• Partnerships like the one with a global insurance provider to streamline contact center capabilities with ServiceNow's platform could be contributing to the positive market sentiment.
• Overall, ServiceNow's ability to adapt and innovate in the IT sector seems to be driving investor interest and pushing the stock higher despite initial concerns.

15.04.2024 - NOW Stock was up 5.1%

• ServiceNow introduced AI-powered purpose-built solutions for the manufacturing sector, underlining its commitment to innovation and broadening its market presence.
• Despite falling short of EPS and revenue estimates for Q1 2024, the market seemed more interested in the company's long-term strategic initiatives rather than its short-term performance.
• The launch of new AI-powered features at ServiceNow's annual event showcases its ongoing efforts to improve its services and remain competitive in the tech industry.
• Amid challenges and negative sentiment surrounding Palantir, ServiceNow's advancements in AI solutions may have influenced the positive uptrend in its stock price.

15.04.2024 - NOW Stock was up 5.3%

• The addition of GenAI to ServiceNow's latest version is viewed as a key driver for the bullish movement, particularly for Brazilian enterprises looking to accelerate their business transformations.
• Unusual options activity on ServiceNow, with high-rolling investors taking a bullish stance, likely contributed to the upbeat outlook on the stock.
• ServiceNow's introduction of AI-powered purpose-built solutions for the manufacturing sector may have further solidified investor confidence in the company's growth potential and technological innovations.
• Despite ServiceNow's positive momentum, the challenges faced by Palantir Technologies (NYSE: PLTR) could have indirectly benefited ServiceNow, as investors possibly turned towards more promising tech stocks like NOW.

25.06.2024 - NOW Stock was up 13.1%

• Stock price of ServiceNow increased by 15% due to strong Q2 earnings and revenue growth.
• CEO Bill McDermott emphasized the company's achievements in digital workflow adoption and the rising interest in generative AI solutions.
• The favorable earnings and future prospects boosted the stock.
• Investors believe in ServiceNow's growth prospects in the digital transformation sector, contributing to the bullish market trend.

25.06.2024 - NOW Stock was up 12.0%

• ServiceNow CEO Bill McDermott highlights the company's strong quarterly earnings and the role of AI in business transformation.
• A stock target raise by Piper Sandler and an overweight rating signals analyst optimism for ServiceNow.
• ServiceNow surpasses earnings expectations with second-quarter revenue, leading to a stock price surge.
• The upbeat news and robust financial performance are propelling the bullish trend in ServiceNow's stock today. The market is responding positively to the company's growth and success in digital workflow, driven by effective leadership and innovative AI technology.

25.06.2024 - NOW Stock was up 14.1%

• Strong bullish movement can be attributed to beating earnings estimates for the second quarter, showcasing robust financial performance.
• The CEO's emphasis on the company's long-running partnership with Nvidia and the development of 'lightening fast' AI models likely boosted investor confidence in ServiceNow's future prospects.
• Analysts revising their forecasts upwards after better-than-expected Q2 results indicates a positive outlook for the company, further driving the stock's upward momentum.
• Overall, impressive performance and strategic partnerships have positioned ServiceNow as a standout player in the AI sector, fueling investor optimism and contributing to the stock's significant rally.

25.06.2024 - NOW Stock was up 7.0%

• ServiceNow (NOW) demonstrated strong upward movement today subsequent to its second-quarter earnings release, which outperformed analysts' projections. The company recorded $2.627 billion in revenue, surpassing the consensus forecast and showcasing robust performance in its primary operations.
• The favorable response from the market can be attributed to ServiceNow's ability to exceed revenue estimates, signaling strong demand for its digital workflow solutions among corporate clients.
• The positive market sentiment may have also been influenced by the upcoming quarterly earnings release of Super Micro Computer (SMCI) on August 6, with investors hopeful for a turnaround akin to what ServiceNow experienced post-earnings success.
• ServiceNow's decision to revise its annual subscription revenue outlook upwards further bolstered investor optimism, underscoring the company's solid standing in delivering AI-driven cloud software solutions.

02.07.2024 - NOW Stock was down 6.9%

• Profit-taking after a strong performance could explain the stock's bearish trend today.
• Concerns over insider selling arose when a board member exercised stock options valued at $2.42 million, potentially influencing investor sentiment negatively.
• Market interest in AI stocks and their growth potential may have temporarily diverted attention from ServiceNow.
• The extended partnership with Infosys, though beneficial in the long run, did not immediately impact the stock price, contributing to the bearish movement.