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 11 trades.
If we consider the specifics of each trade, it is accurate to state that 36% of the investors opened trades with bullish expectations and 63% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $58,750 and 9, calls, for a total amount of $1,739,638.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $530.0 to $820.0 for ServiceNow over the recent three months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of ServiceNow stands at 104.44, with a total volume reaching 130.00. 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 $530.0 to $820.0, throughout the last 30 days.
ServiceNow 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NOW | CALL | SWEEP | BULLISH | 01/19/24 | $530.00 | $1.1M | 215 | 78 |
| NOW | CALL | SWEEP | BEARISH | 01/19/24 | $530.00 | $342.0K | 215 | 2 |
| NOW | CALL | TRADE | BEARISH | 01/19/24 | $565.00 | $62.4K | 0 | 4 |
| NOW | CALL | SWEEP | BEARISH | 01/17/25 | $820.00 | $62.0K | 43 | 9 |
| NOW | CALL | SWEEP | BULLISH | 02/16/24 | $650.00 | $47.2K | 125 | 6 |
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.
Current Position of ServiceNow
- Currently trading with a volume of 145,458, the NOW's price is down by -1.08%, now at $719.67.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 7 days.
Expert Opinions on ServiceNow
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $720.0.
- An analyst from Truist Securities has decided to maintain their Hold rating on ServiceNow, which currently sits at a price target of $700.
- An analyst from Stifel has decided to maintain their Buy rating on ServiceNow, which currently sits at a price target of $740.
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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