ServiceNow, Inc. (NYSE: NOW) ended Friday, December 19, 2025, on a constructive note and then nudged higher in after-hours trading, as investors digested a busy week dominated by a newly effective stock split, unusually heavy options activity, and lingering deal chatter around cybersecurity. The next U.S. market open is Monday, December 22, 2025 (U.S. exchanges are closed on weekends).
Below is what happened after the bell on 12/19/2025, what moved the tape today, and the key items to watch before the next session begins.
ServiceNow stock price after the bell: close, after-hours, and volume
ServiceNow shares closed at $155.31 (+1.26%) on Friday’s regular session, and were $155.76 (+0.29%) in after-hours trading as of 7:42 p.m. ET.
Trading activity stood out: ServiceNow’s 25.1 million shares traded Friday, well above its 50-day average of 7.9 million, according to MarketWatch’s end-of-day data.
Despite the bounce, the stock remains well off its peak. MarketWatch data shows NOW is still about 35% below its 52‑week high of $239.62 (set January 28).
Why ServiceNow moved today: market tone + expiration-driven flow
Friday’s move in NOW happened against a “risk-on” backdrop. The broader market rose with the S&P 500 up 0.88% and the Dow up 0.38% by the close, helping lift many large-cap software and tech names. MarketWatch
But the bigger story in Friday’s tape was flow.
- Triple/quadruple-witching dynamics: Dec. 19 is listed as a key quarterly derivatives expiration (“triple witch”) date on the NYSE’s 2025 calendar. New York Stock Exchange
- Heavier-than-normal market volume: Reuters also flagged that trading activity was elevated due to expiration-related positioning.
- Options market scale: Investopedia noted this week’s expiration window as a major “quadruple witching” event with a very large notional amount of contracts expiring, which can amplify late-week swings in large, liquid names. Investopedia
For ServiceNow specifically, TheFly (via TipRanks) highlighted the options backdrop: it reported net open-interest growth after a high-volume options session and said ServiceNow was among the tickers with the greatest growth in open interest.
The ServiceNow 5-for-1 stock split is now “live” — and it’s driving headline noise
A major reason NOW looks “cheaper” on screens this week is simple: the split changed the share count and the per-share price, not the business value.
ServiceNow previously announced that shareholders approved a 5‑for‑1 stock split, with distribution after market close on or about December 17, 2025, and split-adjusted trading expected to begin December 18, 2025.
Practical implications investors should keep in mind:
- Price targets and historical prices may appear inconsistent across sites for a few sessions as data providers normalize split adjustments.
- Options contracts are adjusted to reflect the split (standard practice for corporate actions). The OCC published an adjustment memo for ServiceNow options tied to the split’s effective date.
Today’s analyst actions: price targets reset lower (mechanically), ratings stay supportive
One of the most important “before Monday” takeaways: several firms reset price targets to reflect the split, even though their underlying thesis didn’t necessarily change.
Two notable updates dated Friday:
- Stifel adjusted its ServiceNow price target to $230 from $1,150 (a mathematical reset tied to the split) and kept a Buy rating.
- Oppenheimer lowered its target to $230 from $1,150 and kept an Outperform rating, explicitly referencing completion of the 5:1 split.
Looking beyond individual notes, a consolidated snapshot of Street expectations (as displayed Friday evening) showed:
- Consensus: “Strong Buy”
- Average price target: $223.29
- Range: $155 (low) to $260 (high)
Also worth noting in that same set of compiled analyst updates: BTIG showed an initiation with a $200 target (split-adjusted) dated Dec. 17, 2025.
Deal watch remains the “wild card”: Armis talks and the cybersecurity push
While Friday’s after-hours move was modest, ServiceNow’s biggest near-term headline risk (and opportunity) remains deal-related.
Earlier this week, multiple outlets reported that ServiceNow was near / in advanced talks for a deal to acquire cybersecurity startup Armis for up to about $7 billion, which would be its largest acquisition if completed. Reuters reported the potential deal via Bloomberg sourcing.
Why this still matters heading into Monday:
- Any weekend developments (confirmation, denial, revised terms, competing bidders) could move the stock at the open.
- The market’s reaction earlier in the week showed investors are sensitive to deal size, valuation, and strategic fit—especially in software names where “build vs. buy” is under a microscope. MarketWatch+1
This deal chatter also lands in a period where ServiceNow is already expanding via M&A: the company announced it completed its acquisition of Moveworks on December 15, 2025, reinforcing its AI platform narrative.
A quieter but important datapoint from today: partners are still investing in the ServiceNow ecosystem
One of Friday’s more underappreciated signals came from the ecosystem rather than ServiceNow itself.
On December 19, 2025, NTT DATA announced it is acquiring The Cloud People Group AS, describing it as one of the largest pure-play ServiceNow partners in Europe, and said the acquisition adds 130 active customers to its portfolio.
For investors, deals like this can be read as a real-world indicator that:
- enterprises continue to fund implementation capacity (consulting partners),
- demand persists for ServiceNow workflow modernization, and
- the ecosystem is aligning around AI-enabled ServiceNow deployments.
It’s not a direct revenue line item, but it supports the “platform staying power” argument that underpins many bullish ratings.
What to watch before the next market open (Monday, Dec. 22)
Here are the most actionable items to monitor between now and the opening bell:
- Any update on the reported Armis talks
This is the single most obvious catalyst that could gap NOW up or down at Monday’s open given this week’s sensitivity to the rumor. - More “post-split” analyst housekeeping
Expect more target resets that look dramatic in headline form but are mechanical. Friday’s Stifel and Oppenheimer notes are the template. TipRanks+1 - Post-expiration positioning effects
With quarterly expirations in the rearview, watch for volume normalization and whether Friday’s price strength holds without expiration-driven flow. - Holiday-week liquidity (it matters more than people expect)
U.S. exchanges list an early close (1:00 p.m. ET) on Wednesday, Dec. 24, 2025, and the market is closed Thursday, Dec. 25. Thin liquidity can exaggerate moves—especially in high-beta software. - Macro narrative: “Santa rally” expectations vs. tech skepticism
Reuters’ week-ahead preview framed investor hopes for a year-end rally, while also pointing to lingering volatility and debate around AI spending and returns. That backdrop can influence high-multiple software leaders like ServiceNow. Reuters
Bottom line for NOW stock after hours
ServiceNow closed higher on Friday and was slightly green in after-hours trading, but the stock is still trading in a market that is recalibrating three things at once: post-split price discovery, post-expiration flows, and deal-risk headlines.
Going into Monday (Dec. 22), the “cleanest” narrative is that Wall Street remains broadly constructive—targets are being reset to match the split while ratings largely hold—but the next decisive move is likely to come from Armis-related clarity (or lack of it) and how the market behaves as expiration effects fade. TipRanks+3TipRanks+3TipRanks+3
