NEW YORK — December 22, 2025 — ServiceNow, Inc. (NYSE: NOW) ended Monday’s session with a modest gain and then went quiet in after-hours trading, as investors continue to digest a fast-moving mix of acquisition chatter, analyst resets, and the mechanical “reset” created by the company’s 5-for-1 stock split that took effect last week.
Below is what matters most after the close on Monday, Dec. 22, 2025, and before the U.S. stock market opens on Tuesday, Dec. 23, 2025—including the latest price action, today’s analyst tone, and the key catalysts traders are watching in a holiday-shortened week.
ServiceNow stock price after the bell: NOW closes at $156.68, after-hours flat
ServiceNow shares finished Monday, Dec. 22, 2025 at $156.68, up 0.88% on the day. After the closing bell, the stock was essentially unchanged in after-hours trading (flat at about $156.68 as of the evening update shown). [1]
The session had a relatively wide intraday range for a “quiet” day: open $156.86, high $157.16, low $153.15, with volume around 11.08 million shares. [2]
Translation for investors: after-hours didn’t add a new twist on Monday night—so the “why” behind NOW’s next move remains tied to headlines and positioning rather than any late-breaking market reaction.
Why NOW is still headline-driven: the Armis deal rumor remains the biggest swing factor
The single biggest narrative hanging over ServiceNow into Tuesday is still the reported Armis acquisition talks.
Reuters reported earlier this month that Bloomberg said ServiceNow was in advanced talks to acquire cybersecurity startup Armis in a deal that could be valued at as much as $7 billion, with the caveat that a deal could be announced soon—but talks could also fall apart or another bidder could emerge. [3]
That rumor mattered because it reframed ServiceNow’s near-term story from “AI platform momentum” to “AI platform momentum plus major M&A risk.” It also created a classic split on Wall Street: some see strategic logic (security + asset visibility + operational technology), while others focus on cost, integration complexity, and whether a mega-deal signals pressure to sustain growth.
A Reuters Breakingviews column captured the broader market anxiety bluntly: ServiceNow lost significant market value after the Armis report, and the piece argued that monetizing AI features faster is an important response to mounting “AI disruption” fears across software. [4]
Key point before Tuesday’s open: this is still unconfirmed. Until ServiceNow (or Armis) makes a formal announcement, traders should expect the stock to stay sensitive to any incremental “deal on / deal off / price tag changed” headline.
Analyst forecasts today: BTIG reiterates Buy, but targets are split-adjusted and widely dispersed
On Monday (Dec. 22), coverage circulating in the market pointed to BTIG reiterating a Buy rating with a $200 price target. [5]
At the same time, “where analysts land” remains a wide range rather than a single clean consensus. One reason is that the stock split has forced a wave of mechanical price-target conversions—so investors need to be careful comparing targets published at different times or in different formats.
From a “what investors are reading today” perspective, TipRanks summarized the current debate like this:
- ServiceNow shares are down about 27% year-to-date (as framed in that analysis), keeping pressure on sentiment into 2026. [6]
- The “Death of SaaS” narrative—i.e., concern that AI-native systems could compress per-seat licensing economics—has become a prominent bear case, highlighted by KeyBanc’s more cautious stance. [7]
- Bulls point to ServiceNow’s expanding AI platform footprint, and in that same roundup BTIG’s $200 target is presented as implying meaningful upside from current levels. [8]
A practical takeaway for Tuesday: focus less on any single price target and more on what has changed—especially commentary on (1) AI monetization, (2) competitive pressure from mega-platform players, and (3) whether M&A is becoming an ongoing growth lever.
Don’t get tripped up by the 5-for-1 stock split: why some headlines still quote “$800+”
Another major source of confusion in NOW coverage this week is simply the stock split optics.
ServiceNow’s investor relations announcement states shareholders approved a 5-for-1 split, with shareholders of record receiving four additional shares per share held, distribution after market close on or about Dec. 17, 2025, and trading on a split-adjusted basis expected to begin Dec. 18, 2025. [9]
That means:
- If you see older commentary referencing ServiceNow around $800–$900, those are pre-split figures.
- Post-split, the “same” valuation shows up as one-fifth the prior per-share price.
Why it matters before the open: split weeks can exaggerate confusion in retail flows, options positioning, and media coverage. Even sophisticated investors can misread “target cuts” that are purely arithmetic rather than a real change in conviction.
Beyond the rumor mill: ServiceNow’s AI-and-security strategy is accelerating
Even if Tuesday is quiet on Armis, ServiceNow has already been active on the strategic front in December:
Moveworks acquisition: officially completed
ServiceNow announced it completed the acquisition of Moveworks on Dec. 15, 2025, positioning it as a step toward an “AI-native front door” for employee engagement (agentic AI + workflows + enterprise search). [10]
Veza deal: expanding identity security
Earlier in the month, ServiceNow announced it intends to acquire Veza, an AI-native identity security platform, to expand its security portfolio and identity governance capabilities. [11]
Emergency AI partnership: critical infrastructure use case
Separately, Everbridge, ServiceNow, and Ekatra announced an Emergency Event Management (EEM) solution that connects Everbridge’s critical event management tooling with the ServiceNow AI Platform to help critical infrastructure organizations respond faster to storms, wildfires, and other emergency events. [12]
Why these matter for the stock right now: they reinforce a consistent theme—ServiceNow is trying to widen its platform moat around workflow automation + AI agents + security governance. In a market increasingly focused on “AI ROI,” investor appetite often depends on whether these moves look like coherent platform-building or an expensive shopping spree.
What to know before the market opens Tuesday, Dec. 23, 2025: 7 things investors will watch
Here’s the actionable checklist heading into Tuesday’s opening bell:
- Any overnight headline on Armis
Confirmation, denial, or even “talks paused” could move the stock sharply because the market is still pricing headline risk. [13] - Holiday-week liquidity (moves can look bigger than they are)
Reuters noted trading volumes are light and expected to thin further; U.S. markets also close early Wednesday and are closed Thursday for Christmas. [14] - Macro data that can swing high-multiple software
Reuters flagged releases due this week, including GDP, consumer confidence, and jobless claims—any surprise that shifts rate expectations can hit premium-valued software names quickly. [15] - Fresh analyst notes and target “resets”
Expect more split-adjusted updates, and watch the language (deal risk, AI monetization, pricing model shifts), not just the headline target. [16] - Watch the recent trading range for clues about positioning
Monday’s intraday low near $153 and last week’s lows can act as near-term reference points, while the mid-$150s to around $157 has been the immediate ceiling in the latest session. [17] - Deal-integration narrative
With Moveworks closed and Veza pending, investors will be sensitive to any messaging that suggests multiple integrations at once could strain execution—especially if Armis were added to the stack. [18] - AI disruption debate (“Death of SaaS”)
The bear case that AI-native tooling compresses seat-based licensing is now mainstream enough to influence daily sentiment, and it’s likely to keep coming up in notes and media coverage. [19]
Bottom line for ServiceNow stock heading into Tuesday
ServiceNow ended Dec. 22, 2025 slightly higher and did not move meaningfully after-hours, which tells you the market is still waiting for the next concrete catalyst. [20]
Between now and Tuesday’s open, the biggest “swing variable” remains M&A clarity—especially anything that confirms or refutes the Armis talks—followed closely by holiday-thin liquidity and any macro data that shifts the rate backdrop for high-growth software. [21]
This article is for informational purposes only and is not investment advice.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.reuters.com, 4. www.breakingviews.com, 5. www.marketbeat.com, 6. www.tipranks.com, 7. www.tipranks.com, 8. www.tipranks.com, 9. investor.servicenow.com, 10. newsroom.servicenow.com, 11. newsroom.servicenow.com, 12. www.businesswire.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.tipranks.com, 17. stockanalysis.com, 18. newsroom.servicenow.com, 19. www.tipranks.com, 20. stockanalysis.com, 21. www.reuters.com
