Spotlight on ServiceNow: Analyzing the Surge in Options Activity

Whales with a lot of money to spend have taken a noticeably bullish stance on ServiceNow.

Looking at options history for ServiceNow NOW we detected 13 trades.

If we consider the specifics of each trade, it is accurate to state that 38% of the investors opened trades with bullish expectations and 38% with bearish.

From the overall spotted trades, 5 are puts, for a total amount of $201,061 and 8, calls, for a total amount of $804,760.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $740.0 to $1080.0 for ServiceNow over the recent three months.

Analyzing 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 $740.0 to $1080.0 in the last 30 days.

ServiceNow 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

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.

In light of the recent options history for ServiceNow, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Present Market Standing of ServiceNow

• With a volume of 527,318, the price of NOW is up 1.03% at $804.33.
• RSI indicators hint that the underlying stock may be approaching oversold.
• Next earnings are expected to be released in 22 days.

Expert Opinions on ServiceNow

5 market experts have recently issued ratings for this stock, with a consensus target price of $1125.0.

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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Mizuho has decided to maintain their Outperform rating on ServiceNow, which currently sits at a price target of $1100. * An analyst from Truist Securities persists with their Hold rating on ServiceNow, maintaining a target price of $950. * Maintaining their stance, an analyst from Canaccord Genuity continues to hold a Buy rating for ServiceNow, targeting a price of $1275. * An analyst from Citizens Capital Markets has revised its rating downward to Market Outperform, adjusting the price target to $1300. * Consistent in their evaluation, an analyst from UBS keeps a Buy rating on ServiceNow with a target price of $1000.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for ServiceNow, Benzinga Pro gives you real-time options trades alerts.