Financial giants have made a conspicuous bearish move on ServiceNow. Our analysis of options history for ServiceNow NOW revealed 14 unusual trades.
Delving into the details, we found 28% of traders were bullish, while 50% showed bearish tendencies. Out of all the trades we spotted, 6 were puts, with a value of $246,355, and 8 were calls, valued at $349,605.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $300.0 and $840.0 for ServiceNow, spanning the last three months.
Insights into Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for ServiceNow's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of ServiceNow's whale activity within a strike price range from $300.0 to $840.0 in the last 30 days.
ServiceNow 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOW | CALL | TRADE | BEARISH | 09/20/24 | $27.1 | $25.7 | $26.18 | $800.00 | $65.4K | 335 | 3 |
| NOW | PUT | TRADE | BULLISH | 08/16/24 | $36.0 | $32.2 | $33.14 | $750.00 | $59.6K | 402 | 0 |
| NOW | CALL | TRADE | BEARISH | 11/15/24 | $81.9 | $77.0 | $77.0 | $730.00 | $53.9K | 73 | 0 |
| NOW | CALL | TRADE | BEARISH | 01/16/26 | $490.0 | $470.1 | $478.0 | $300.00 | $47.8K | 5 | 0 |
| NOW | CALL | TRADE | NEUTRAL | 01/17/25 | $229.1 | $220.4 | $224.76 | $550.00 | $44.9K | 93 | 0 |
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.
After a thorough review of the options trading surrounding ServiceNow, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of ServiceNow
- With a trading volume of 696,452, the price of NOW is up by 1.64%, reaching $750.88.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 5 days from now.
What Analysts Are Saying About ServiceNow
In the last month, 5 experts released ratings on this stock with an average target price of $838.2.
- Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $900.
- Reflecting concerns, an analyst from Guggenheim lowers its rating to Sell with a new price target of $640.
- Maintaining their stance, an analyst from Citigroup continues to hold a Buy rating for ServiceNow, targeting a price of $911.
- Consistent in their evaluation, an analyst from Keybanc keeps a Overweight rating on ServiceNow with a target price of $920.
- An analyst from Stifel has decided to maintain their Buy rating on ServiceNow, which currently sits at a price target of $820.
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.
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