On July 20, ServiceNow declined 3.23% in regular trading, trading at $100.37/share, with turnover of $197 million.

On the news front, the software sector continues to digest the systemic shock from IBM's preliminary Q2 results released on July 14, which missed market expectations. IBM reported revenue of $17.2 billion, below the consensus estimate of $17.86 billion. IBM's CEO acknowledged that some clients are shifting budgets from software to hardware procurement to hedge inflation risks, sparking broad concerns over a structural shift in enterprise IT spending. This negative signal has systematically weighed on the systems software industry since July 14, with ServiceNow as a core enterprise SaaS name bearing sustained pressure.

Additionally, ServiceNow is scheduled to report Q2 earnings after market close on July 22, with consensus EPS expected at $0.40. Pre-earnings uncertainty is further amplifying stock volatility. Notably, multiple analysts have recently raised price targets on the stock, with Cantor Fitzgerald lifting its target to $141 and maintaining an Overweight rating.

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