New York, March 4, 2026, 14:42 EST — Regular session
ServiceNow shares traded up 1.3% to $114.66 Wednesday afternoon, with the day’s range stretching from $111.81 to $116.15. That’s a $1.47 gain on the previous close, putting the company’s market value near $191 billion.
That uptick comes after a rough patch for the enterprise software company. Despite Wednesday’s jump, shares remain down roughly 46% from the 52-week peak of $211.48, hit on July 3. 1
Buybacks are in the spotlight. The S&P 500 software index has tumbled 28% since late October, and since Jan. 12, U.S.-listed software names have signed off on $70.5 billion in repurchases, according to Reuters. ServiceNow tacked on $5 billion to its buyback authorization and flagged a $2 billion accelerated buyback; Salesforce bumped up its own program as well. Peter Tuz, who runs Chase Investment Counsel, isn’t convinced: “I don’t think the buybacks are enough,” he said, pointing out that investors want to see evidence that AI isn’t threatening core business models. 2
CEO William McDermott scooped up 28,682 shares of ServiceNow on Feb. 27, spending roughly $3.0 million, according to a Form 4 filed Monday with the U.S. Securities and Exchange Commission. Most of the stock was bought at a weighted-average price of $104.597 per share. With this latest move, McDermott’s direct holdings climbed to 158,234 shares. The filing notes the purchase followed a preset trading plan adopted Feb. 13. 3
Some partner headlines made the rounds as well. KPMG landed the title of ServiceNow’s worldwide core business partner of the year, highlighting recent projects revamping finance, HR, procurement, and supply chain systems. “Customers today are looking for the fastest path from AI ambition to real business results,” said Michael Park, ServiceNow’s partnerships lead, in a statement. KPMG’s Gary Plotkin chimed in: “Core business transformation is where strategy meets execution.” 4
McDermott is scheduled for a fireside chat at Morgan Stanley’s Technology, Media and Telecom conference on Wednesday, with the session set for 12:20 p.m. Pacific (15:20 Eastern), a company filing shows. Conference slots like this typically give investors a read on demand trends, any signs of slippage, and how confident management appears on capital returns. 5
ServiceNow’s bread and butter is software for streamlining IT and back-office operations at big companies. Lately, the company has leaned into generative AI, layering on automation for everyday tasks. Investors are banking on those new features to drive up contract values—without putting downward pressure on pricing.
But that pushback hasn’t gone away—concerns linger that fast-moving AI advances could hand even more clout to model operators and the big cloud names, leaving software firms caught in between. Those worries are keeping a lid on valuations, despite all the recent talk from these companies about buybacks and “shareholder returns.”
The rally may not stick—any sign that major clients are delaying contracts, or if executives sound cautious on renewals at the conference, could send shares lower again. Buybacks aren’t foolproof either; snapping up shares right before a fresh drop can easily backfire.
Next up, traders are eyeing McDermott’s slot at 3:20 p.m. Eastern during the Morgan Stanley conference, watching for new comments on AI monetisation and updates on capital returns.
