ServiceNow, Inc. (NYSE: NOW) finished Thursday’s regular session lower, then inched up modestly in after-hours trading — a closely watched setup as investors digest the company’s 5-for-1 stock split and assess the latest analyst resets, options positioning, and deal chatter.
As of the post-close update on Thursday, Dec. 18, 2025, ServiceNow shares were $153.80 in after-hours trading, up 0.27% from the cash-session close of $153.38. 1
What happened to ServiceNow stock after the bell on Dec. 18?
ServiceNow ended the regular session down 1.98% at $153.38, underperforming a broadly positive market day that saw the S&P 500 rise 0.79% and the Dow add 0.14%. Trading volume was also elevated at roughly 9.6 million shares, above the stock’s recent average. 2
After the closing bell, the stock nudged higher to $153.80 in after-hours trading. 1
Key context: This was the first full session with NOW trading on a split-adjusted basis following the company’s newly effective 5-for-1 stock split. 3
The biggest “today” driver: ServiceNow’s 5-for-1 stock split optics
ServiceNow shareholders approved the 5-for-1 split earlier this month, with:
- Record date: Dec. 16, 2025
- Distribution: after market close on or about Dec. 17, 2025
- Split-adjusted trading expected to begin:Dec. 18, 2025 3
For options traders, the OCC outlined how ServiceNow options were adjusted, including the ex-date of 12/18/2025 and strike/contract adjustments consistent with a 5-for-1 split. 4
Why this matters tonight (and into Friday’s open)
Stock splits don’t change the company’s fundamentals by themselves — but they do create short-term noise:
- Headline confusion: Some automated market summaries compare Thursday’s split-adjusted close to Wednesday’s pre-split close, which can make it look like a dramatic one-day drop. One example: a widely syndicated recap framed the move as roughly -80%, a comparison artifact consistent with a 5-for-1 split rather than a true collapse. 5
- Data-provider lag: Shares outstanding, market cap, moving averages, and older price targets may temporarily display inconsistently across platforms immediately after a split.
If you’re checking quotes before Friday’s open, it’s worth confirming your source is fully split-adjusted (price history, volume history, and “previous close” fields included).
Today’s analyst and forecast updates: price targets get reset (and not always for “fundamental” reasons)
A major theme on Dec. 18 was price-target math catching up to the split.
Oppenheimer: target reset to $230 (from $1,150), rating stays Outperform
Oppenheimer analyst Brian Schwartz lowered the price target to $230 from $1,150 and maintained an Outperform rating, explicitly noting the change was to reflect the 5:1 split and updated EPS modeling for the higher share count. 6
Important takeaway: When a firm cuts a target from ~$1,150 to ~$230 in the same week a 5-for-1 split becomes effective, that’s often not a bearish signal — it’s frequently a split adjustment (divide by five).
BTIG: Buy rating and $1,000 target (pre-split terms)
In a separate research note carried by TheFly/TipRanks, BTIG launched (and/or reaffirmed) a Buy view with a $1,000 price target, pointing to ServiceNow’s AI platform momentum and partnerships, including with Microsoft, plus a “Rule of 50” style growth/profitability profile in its bullish scenario. 7
Because the split is 5-for-1, a $1,000 pre-split target is roughly $200 split-adjusted (divide by five) for readers trying to compare targets to tonight’s ~$154 price area.
Street-level “consensus” snapshot
A MarketBeat roundup circulating Thursday cited a consensus “Moderate Buy” stance with an average price target around $225.09 (as presented in that roundup). MarketBeat
(As always, “consensus” figures can differ by provider depending on which firms are included and how they normalize split adjustments.)
Options market signal from today: put activity spiked ahead of Friday’s expiration
One of the most notable “today” datapoints: heavy put buying in NOW options.
MarketBeat reported that traders bought 57,805 put options on Thursday — about a 363% jump versus the stock’s average daily put volume (12,487), describing it as elevated bearish positioning/hedging activity. 8
Why Friday could be louder than usual: quarterly expiration (“triple/quadruple witching”)
Friday, Dec. 19, 2025, is the third Friday of December, which is a standard monthly options expiration and also a quarterly expiration period (often called triple witching; some calendars refer to quadruple witching). 9
That matters because:
- expiration sessions can amplify pinning around popular strikes,
- large hedges can unwind quickly,
- and split weeks can increase “mechanical” repositioning in the options chain.
This doesn’t guarantee direction — but it can increase the odds of bigger intraday swings.
Deal and AI narrative: why ServiceNow remains in the headlines even without earnings tonight
Beyond the split mechanics, ServiceNow remains in an active strategic phase tied to agentic AI and security.
A TechTarget report published Thursday said ServiceNow has been involved in three acquisition situations this month:
- it closed the Moveworks acquisition (originally announced earlier in 2025) for $2.85 billion in cash and stock,
- it agreed to acquire Veza (identity/access management), and
- multiple outlets have reported ServiceNow is in late-stage talks for Armis, with a rumored price around $7 billion (not officially announced by the companies, per the report). 10
This M&A thread matters for stock watchers because it can affect:
- near-term margin expectations,
- integration and execution risk,
- and the longer-term “platform” narrative ServiceNow is leaning into for enterprise AI.
A separate Seeking Alpha analysis published Thursday argued the recent pullback is an opportunity, while flagging Armis-deal concerns (valuation/financing/margins) but calling the strategic fit compelling. (That’s an opinion piece — useful as sentiment, not a market fact.) 11
What to watch before the stock market opens Friday, Dec. 19
Here are the practical, non-hype checkpoints traders and long-term investors are likely to focus on overnight and into the open:
1) Confirm the split-adjusted “baseline” you’re using
If your platform shows wild one-day percentage moves (or market cap/volume figures that look off), it may still be normalizing split data. 5
2) Watch pre-market/early indications around the key levels
From Thursday’s session:
- Close: $153.38
- After-hours: $153.80
- Day range: $151.15 – $157.78
- 52-week range: $135.73 – $239.62 1
Those levels often become reference points for Friday’s first hour of trading, especially during an expiration session.
3) Keep an eye on options-driven volatility
Between:
- Thursday’s reported spike in put volume, 8
- and Friday’s quarterly expiration setup, CBOE
NOW could see faster intraday moves even if there’s no fresh company headline.
4) Track any follow-through on analyst target resets
Split weeks can trigger a wave of “PT lowered/raised” headlines that are purely arithmetic. Oppenheimer explicitly framed its update this way. StreetInsider
If you’re comparing targets, make sure you’re comparing split-adjusted to split-adjusted.
5) Macro calendar reality check: some releases have shifted post-shutdown
The U.S. data calendar has been disrupted by shutdown-related rescheduling, and BEA noted that certain releases originally scheduled for Dec. 19 (such as an updated GDP/corporate profits package) were moved to later dates. Bureau of Economic Analysis+1
In other words: if you’re planning around macro catalysts, double-check official calendars — some “usual” Friday triggers may not land when expected this month.
6) Broader market tone still matters for high-quality software
Even on a day when the S&P 500 rose, NOW lagged. MarketWatch
And Reuters noted ongoing market sensitivity around tech/AI spending narratives globally, which can spill over into enterprise software sentiment. 12
7) Earnings backdrop for the tape (not ServiceNow-specific)
Nasdaq’s pre-market list flagged several companies expected to report before the bell Friday (including PAYX, CCL, CAG, LW, WGO), which can influence index futures and risk appetite even if they’re not direct peers. 13
Bottom line for NOW after hours (Dec. 18) and into Friday’s open
ServiceNow stock is stable to slightly higher after-hours ($153.80) following a down split-adjusted close ($153.38). Google The biggest “today” story is not an earnings surprise — it’s the market working through split mechanics, analyst target resets, and options positioning into a quarterly expiration Friday. 3
