Investors with a lot of money to spend have taken a bullish stance on ServiceNow NOW.
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with NOW, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 12 options trades for ServiceNow.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $42,000, and 11, calls, for a total amount of $477,456.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $750.0 to $820.0 for ServiceNow over the last 3 months.
Insights into Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for ServiceNow's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across ServiceNow's significant trades, within a strike price range of $750.0 to $820.0, over the past month.
ServiceNow Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOW | CALL | TRADE | BULLISH | 06/21/24 | $48.0 | $46.1 | $48.0 | $800.00 | $67.2K | 800 | 0 |
| NOW | CALL | TRADE | BEARISH | 04/19/24 | $12.2 | $11.8 | $11.8 | $805.00 | $59.0K | 73 | 60 |
| NOW | CALL | SWEEP | BULLISH | 04/19/24 | $11.4 | $11.0 | $11.0 | $800.00 | $55.0K | 348 | 55 |
| NOW | CALL | TRADE | BULLISH | 09/20/24 | $103.0 | $100.5 | $103.0 | $750.00 | $51.5K | 35 | 0 |
| NOW | CALL | TRADE | BEARISH | 04/19/24 | $10.4 | $10.0 | $10.0 | $800.00 | $48.0K | 348 | 53 |
About ServiceNow
ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management, expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations. ServiceNow also offers an application development platform as a service.
Having examined the options trading patterns of ServiceNow, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of ServiceNow
- Currently trading with a volume of 257,535, the NOW's price is up by 0.62%, now at $788.32.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 16 days.
What The Experts Say On ServiceNow
3 market experts have recently issued ratings for this stock, with a consensus target price of $880.0.
- Reflecting concerns, an analyst from Stifel lowers its rating to Buy with a new price target of $820.
- An analyst from Keybanc has revised its rating downward to Overweight, adjusting the price target to $1000.
- In a cautious move, an analyst from Stifel downgraded its rating to Buy, setting a price target of $820.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest ServiceNow options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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