Overview
- ServiceNow shares rose about 5.6% Monday to close at $104.97 after sliding to $98.34 on Friday, just above a $98 52-week low.
- Buying picked up at what many saw as discount prices after Fed Chair Jerome Powell said inflation was not yet worrisome and another rate hike may not be needed.
- The stock remains below key moving averages after a months-long slide tied to fears that AI could upend software business models and to Middle East tensions that have stoked oil and inflation worries.
- FBN Securities kept an outperform rating last week but cut its price target by 27% to $160 from $220, signaling more cautious expectations.
- ServiceNow expanded distribution through Carahsoft’s reseller network, which could simplify purchasing for government, healthcare, and financial firms that use the company’s workflow software.