ServiceNow (NOW) CEO McDermott Bought $3 Million Worth Company Shares, Here’s What You Need to Know

• StockStory Top Pick NOW -2.89%

​ServiceNow, Inc. (NYSE:NOW) is one of the Best Dip Stocks to Buy According to Hedge Funds. On February 17, Barron’s reported that ServiceNow, Inc.’s (NYSE:NOW) CEO William “Bill” McDermott bought $3 million worth of company shares on the open market.

​This move comes as the “SaaSpocalypse” narrative has overtaken Wall Street and has dragged the sector down by more than 22% since the start of 2026. In addition to the share purchase, the report also highlighted that other executives at ServiceNow also cancelled their planned share sales and noted that they plan to hold the stock.

​CEO McDermott noted that he invested his own money to buy shares as he believes there’s no better entry point.

​He added that the company presents a once-in-a-generation moment, being at the forefront of AI innovation. However, the move didn’t help revive the share price as it fell roughly 1.30% following the announcement. The share price of ServiceNow, Inc. (NYSE:NOW) has fallen more than 27.3% since the start of 2026.

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​ServiceNow Inc (NYSE:NOW) is an American software company that provides a cloud-based and AI-driven platform for automating and improving business workflows. Its solutions help businesses increase productivity and maximize outcomes. Its primary operating areas are CRM and Industry, Technology, Core Business, and Creator.

While we acknowledge the potential of NOW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.