Financial giants have made a conspicuous bullish move on ServiceNow. Our analysis of options history for ServiceNow NOW revealed 8 unusual trades.
Delving into the details, we found 25% of traders were bullish, while 12% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $111,500, and 5 were calls, valued at $438,560.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $650.0 to $1000.0 for ServiceNow during the past quarter.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of ServiceNow stands at 114.29, with a total volume reaching 169.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in ServiceNow, situated within the strike price corridor from $650.0 to $1000.0, throughout the last 30 days.
ServiceNow Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOW | CALL | TRADE | NEUTRAL | 07/19/24 | $36.0 | $34.6 | $35.3 | $720.00 | $211.8K | 92 | 60 |
| NOW | CALL | TRADE | NEUTRAL | 07/19/24 | $36.7 | $35.1 | $35.83 | $720.00 | $143.3K | 92 | 60 |
| NOW | PUT | TRADE | BULLISH | 06/21/24 | $19.7 | $19.4 | $19.4 | $725.00 | $48.4K | 70 | 44 |
| NOW | PUT | TRADE | BULLISH | 06/21/24 | $13.1 | $12.8 | $12.8 | $710.00 | $32.0K | 211 | 32 |
| NOW | PUT | TRADE | BEARISH | 12/20/24 | $31.0 | $30.3 | $31.0 | $650.00 | $31.0K | 2 | 30 |
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.
Following our analysis of the options activities associated with ServiceNow, we pivot to a closer look at the company's own performance.
Current Position of ServiceNow
- Currently trading with a volume of 303,474, the NOW's price is down by -2.01%, now at $723.7.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 57 days.
Expert Opinions on ServiceNow
4 market experts have recently issued ratings for this stock, with a consensus target price of $860.0.
- Reflecting concerns, an analyst from Wolfe Research lowers its rating to Outperform with a new price target of $830.
- An analyst from JMP Securities has revised its rating downward to Market Outperform, adjusting the price target to $825.
- Consistent in their evaluation, an analyst from Baird keeps a Outperform rating on ServiceNow with a target price of $885.
- An analyst from Needham downgraded its action to Buy with a price target of $900.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for ServiceNow with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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