Looking At ServiceNow's Recent Unusual 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 25 trades.

If we consider the specifics of each trade, it is accurate to state that 56% of the investors opened trades with bullish expectations and 44% with bearish.

From the overall spotted trades, 10 are puts, for a total amount of $566,560 and 15, calls, for a total amount of $1,337,203.

What's The Price Target?

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $300.0 to $800.0 for ServiceNow during the past quarter.

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 $300.0 to $800.0, over the past month.

ServiceNow Option Activity Analysis: Last 30 Days

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.

Where Is ServiceNow Standing Right Now?

• With a trading volume of 754,039, the price of NOW is down by -0.46%, reaching $651.18.
• Current RSI values indicate that the stock is may be overbought.
• Next earnings report is scheduled for 70 days from now.

What Analysts Are Saying About ServiceNow

5 market experts have recently issued ratings for this stock, with a consensus target price of $663.0.

• An analyst from Needham downgraded its action to Buy with a price target of $660.
• Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on ServiceNow with a target price of $615.
• An analyst from Citigroup persists with their Buy rating on ServiceNow, maintaining a target price of $700.
• Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for ServiceNow, targeting a price of $675.
• In a cautious move, an analyst from JMP Securities downgraded its rating to Market Outperform, setting a price target of $665.

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.