Why ServiceNow Stock Dove by Almost 3% on Wednesday

Core Viewpoint - Investors reacted negatively to ServiceNow's stock following a price target cut by an analyst, despite the analyst's overall optimistic outlook for the company [1][2]. Price Target Adjustments - Analyst Rob Oliver from Baird reduced his price target for ServiceNow from $1,200 to $1,010 per share, a significant decrease of $190, while maintaining an outperform (buy) recommendation [2][3]. - Similar adjustments were made by other analysts, such as Allan Verkhovski from Scotiabank, who lowered his fair-value assessment from $1,230 to $1,050, also keeping a buy recommendation [3]. Company Ambitions - ServiceNow's recent $2.85 billion acquisition of AI developer Moveworks reflects the company's ambitious goals and management's commitment to pursuing significant growth opportunities [4].