Whales with a lot of money to spend have taken a noticeably bearish stance on ServiceNow.
Looking at options history for ServiceNow NOW we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 37% of the investors opened trades with bullish expectations and 62% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $184,739 and 5, calls, for a total amount of $228,315.
Projected Price Targets
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 $1000.0 for ServiceNow, spanning the last three 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 $300.0 to $1000.0, over the past month.
ServiceNow Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NOW | PUT | SWEEP | NEUTRAL | 09/20/24 | $1000.00 | $119.6K | 0 | 1 |
| NOW | CALL | TRADE | BULLISH | 06/21/24 | $300.00 | $82.4K | 3 | 0 |
| NOW | CALL | TRADE | BEARISH | 01/19/24 | $600.00 | $53.4K | 757 | 0 |
| NOW | CALL | TRADE | BULLISH | 06/21/24 | $550.00 | $35.7K | 54 | 2 |
| NOW | PUT | SWEEP | BEARISH | 01/05/24 | $705.00 | $35.2K | 36 | 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.
Where Is ServiceNow Standing Right Now?
- With a trading volume of 133,075, the price of NOW is down by 0.0%, reaching $701.23.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 28 days from now.
Professional Analyst Ratings for ServiceNow
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $747.5.
- An analyst from Wells Fargo persists with their Overweight rating on ServiceNow, maintaining a target price of $725.
- Maintaining their stance, an analyst from Argus Research continues to hold a Buy rating for ServiceNow, targeting a price of $770.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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