ServiceNow (NOW) Stock: What to Know Before Monday’s Open on November 17, 2025

ServiceNow heads into the new trading week as one of the most-watched AI software names on Wall Street, thanks to a powerful mix of strong earnings, an upcoming 5‑for‑1 stock split, and a fresh wave of AI partnerships. Here’s what investors should know before the U.S. stock market opens on Monday, November 17, 2025.

1. Where ServiceNow Stock Stands Right Now

As of Friday’s close (November 14, 2025), ServiceNow (NYSE: NOW) finished at $850.43, with a tiny gain on the day and essentially flat after-hours. ^[1]

Despite big swings this year, the stock is still down roughly 18–20% year to date, even though the broader AI trade remains hot. ^[2] ServiceNow is also well below its highs: the all‑time closing high was about $1,170 in late January 2025, and the 52‑week high near $1,198 is roughly 40% above the current price. ^[3]

Valuation is elevated but cooling from extremes. Recent data providers peg trailing P/E somewhere around 90–105x and forward P/E in the mid‑40s, still at a hefty premium to both the market and many software peers. ^[4] That premium reflects investor expectations that ServiceNow will keep compounding high‑teens to low‑20s revenue growth from its AI‑powered platform.

2. Q3 2025: Big Beat, Bigger Guidance

ServiceNow’s latest quarter (Q3 2025, reported October 29) is the core reason the stock is back in focus. The company beat expectations across the board and raised its full‑year outlook. ^[5]

Key numbers from Q3 2025:

Subscription revenue: $3.299 billion, +21.5% year over year
Total revenue: $3.407 billion, +22% year over year
Current Remaining Performance Obligations (cRPO): $11.35 billion, +21% year over year
Adjusted EPS: about $4.82, topping consensus by roughly $0.60 per share ^[6]

Management also raised full‑year 2025 guidance, now calling for subscription revenue of $12.835–$12.845 billion, representing around 20.5% year‑over‑year growth and pointing to free cash‑flow margin expansion as AI‑driven efficiencies kick in. ^[7]

In short: operationally, ServiceNow is still executing like a top‑tier growth story.

3. The 5‑for‑1 Stock Split: What’s Actually Happening

One of the headline catalysts for NOW stock is the proposed 5‑for‑1 forward stock split.

On October 29, ServiceNow’s Board of Directors authorized a 5‑for‑1 split of its common stock, citing a desire to make shares more accessible to a broader base of investors and employees. ^[8]
The split is not yet in effect. It is subject to shareholder approval at a virtual Special Meeting on December 5, 2025, at 8:00 a.m. PT, where investors are being asked to approve an amended and restated certificate of incorporation to enable the split and increase authorized shares from 600 million to 3 billion. ^[9]
The proxy filing estimates that shares outstanding would rise from ~208 million to roughly 1 billion if the split is ultimately implemented. Equity awards, options, and plan limits would all be adjusted proportionally. ^[10]

Some media and broker notes are already discussing the split as if timing is set, but the official documents make clear that the Board retains discretion on whether and when to implement the split even after approval. ^[11]

What this means before Monday’s open:
The split itself is a medium‑term catalyst, not a Monday event. However, traders may already be positioning around it, and any new commentary about the December 5 meeting or split mechanics could move the stock during the coming weeks.

4. AI Platform Momentum: Zurich Release, Knowledge 2025, and New Deals

ServiceNow’s story is increasingly about its AI platform, not just IT service tickets.

Core AI platform upgrades

In September, ServiceNow rolled out its Zurich platform release, introducing a reimagined AI experience, multi‑agent development tools, and tighter controls for security and governance. The goal: make it easier for enterprises to put agentic AI workflows into production at scale. ^[12]
At its Knowledge 2025 conference in May, the company showcased further enhancements around its AI + data + workflows strategy and launched ServiceNow University to scale AI and platform skills across customers and partners. ^[13]

Specific innovations like AI Experience, a new context‑aware, multimodal UI for enterprise AI, and tools like Workflow Data Fabric and RaptorDB are designed to bind data, automation and AI agents into one consistent platform. ^[14]

New partnerships and integrations in November

In the last few weeks, ServiceNow has accelerated ecosystem partnerships that could become key revenue drivers:

Figma collaboration (announced November 7, 2025):
A new integration allows teams to convert Figma designs directly into enterprise apps on the ServiceNow AI Platform, dramatically shortening the path from UX design to production software. The integration uses a model‑context protocol (MCP)‑powered connection between Figma and ServiceNow, automating much of the design‑to‑deployment pipeline. ^[15]
VergeSense integration (announced November 6, 2025):
ServiceNow’s Workplace Service Delivery now includes a certified integration with VergeSense, pulling in real‑time occupancy data to optimize room usage, space reservations, and hybrid‑work planning. This aims to help large enterprises use office space more efficiently and improve employee experience. ^[16]
Broader AI ecosystem push:
Recent commentary highlights expanded partnerships and integrations with NVIDIA, FedEx Dataworks, Horizon3.ai, VergeSense, and talent and workforce partners like SENAI‑SP and Zaelab—all framed around embedding AI agents into workflows for IT, customer service, security, and supply chains. ^[17]

These moves sit on top of the previously announced $750 million investment in Genesys and the planned $2.85 billion acquisition of Moveworks, both aimed at strengthening ServiceNow’s generative AI capabilities in customer and employee experience. ^[18]

5. Macro Overhang: U.S. Government Shutdown and Federal Exposure

One reason the stock has been under pressure is concern around U.S. federal spending:

ServiceNow management has openly acknowledged that the recent U.S. government shutdown is delaying new federal deals, and they baked extra “prudence” into Q4 guidance as a result. ^[19]
The guidance commentary makes clear that management sees this primarily as a timing issue, not a demand problem, but revenue recognition could shift between quarters.

Meanwhile, Congress and the Senate are now moving closer to deals to reopen and stabilize the government, including strong language to reverse mass layoffs and guarantee back pay for federal workers, which could ease some overhang on federal IT budgets if finalized. ^[20]

For Monday’s open, investors will be watching for any headlines over the weekend that change the tone around the federal shutdown deal. Anything that suggests smoother, longer‑term federal funding could be interpreted as a mild positive for ServiceNow’s pipeline.

6. How Wall Street Sees ServiceNow Heading Into the Week

Despite the stock’s pullback, analyst sentiment is still broadly positive, though not unanimous.

Across major coverage lists, ServiceNow generally holds a “Strong Buy” or “Moderate Buy” consensus, with average 12‑month price targets clustered around $1,130–$1,165, implying roughly 30–37% upside from current levels. ^[21]
Some research houses see fair value near $1,156 per share, arguing that the stock is 20–25% undervalued given its AI‑driven growth outlook and three‑year total return above 100%. ^[22]

However, there are also signs of caution:

Zacks Research recently downgraded ServiceNow from “strong‑buy” to “hold”, even while acknowledging that Q3 results beat expectations and that a 5‑for‑1 split is in the works. ^[23]
That same note cites a P/E above 100x and a PEG ratio over 4, warning that valuation leaves little room for disappointment, particularly if macro or federal headwinds worsen. ^[24]

In other words, the Street loves the business, but not everyone loves the price.

7. Why the Stock Is Down Despite Great Numbers

It may look puzzling that a company beating on revenue and EPS, raising guidance, and leading the AI workflow narrative is still down about 20% this year. Several forces are in play: ^[25]

Valuation Comedown: After trading at much loftier multiples earlier in the year, investors have been rotating out of the most expensive software names as interest‑rate expectations and macro uncertainty shift.
Federal Business Concerns: The U.S. government shutdown and tighter federal budgets add noise to short‑term growth in a key vertical.
AI Skepticism: While ServiceNow is leaning hard into AI, some investors remain cautious until they see sustained monetization and clear ROI from AI products across the customer base.
Profit‑Taking After a Huge Multi‑Year Run: Over the last three years, ServiceNow has still delivered a total return north of 100%, so some long‑term holders may simply be taking money off the table. ^[26]

These dynamics help explain why you can see strong fundamentals plus sliding share price—a pattern not uncommon in richly valued tech.

8. Key Risks and Catalysts to Watch Before and After the Open

Here’s a practical checklist for Monday and beyond.

Short‑term things to monitor

Weekend macro or shutdown headlines: Any change in the status of U.S. federal funding could shift sentiment around ServiceNow’s Q4 pipeline. ^[27]
Tech and AI sector tone: ServiceNow often trades in sympathy with large‑cap AI and cloud leaders (MSFT, NVDA, CRM‑peers). A strong or weak open for that group could amplify moves in NOW. ^[28]
Any new split‑related communication: Clarifications on the mechanics or timing of the proposed stock split as we approach the December 5 special meeting. ^[29]

Medium‑term catalysts already on the calendar

December 5, 2025 Special Meeting: Shareholder vote on the 5‑for‑1 split and the increase in authorized shares. Outcome and any accompanying guidance from management will be closely watched. ^[30]
Upcoming investor conferences: ServiceNow executives are scheduled to appear at RBC, UBS, and Barclays tech and AI conferences in late Q4, which may surface updated commentary on AI demand, federal exposure, and the split. ^[31]
Integration progress on Moveworks, Genesys, Figma, VergeSense, and NVIDIA: Investors will look for customer case studies and incremental revenue tied to these AI‑heavy deals. ^[32]

Ongoing risks

High valuation risk: At 90x+ trailing earnings and a forward P/E in the 40s, even minor disappointments in growth or margins can lead to outsized stock moves. ^[33]
Macro and IT‑budget sensitivity: A deeper slowdown in enterprise IT spending or delayed AI projects could pressure new bookings. ^[34]
Execution and integration: ServiceNow is juggling a lot—new platform releases, AI features, big acquisitions, and many partnerships. Any integration missteps or customer pushback on AI‑linked pricing models could hit sentiment. ^[35]

9. Bottom Line Before Monday’s Open

Heading into the November 17, 2025 session, ServiceNow is a classic “high‑quality but high‑expectations” AI growth stock:

Fundamentals: Strong Q3 beat, raised guidance, expanding AI platform, and a deepening ecosystem of partners in design, workplace intelligence, customer experience, and government. ^[36]
Valuation & sentiment: Shares are well off their highs and down almost 20% for 2025, but still command premium multiples. Analysts broadly see meaningful upside, even as some firms are starting to preach caution. ^[37]
Key near‑term watchpoints: Progress toward resolving the U.S. federal shutdown overhang, any incremental color on the December 5 stock‑split vote, and continued traction for newly launched AI integrations with Figma, VergeSense, and others. ^[38]

For investors and traders planning their moves before Monday’s bell, the setup is straightforward but not simple: ServiceNow is executing well and aggressively leaning into AI, but the market is debating how much of that success is already priced into a still‑expensive stock.

This article is for information and news analysis only and does not constitute investment advice. Always consider your own financial situation and risk tolerance, and consult a licensed financial adviser before making investment decisions.

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