A whale with a lot of money to spend has taken a noticeably bearish stance on ServiceNow.
Looking at options history for ServiceNow NOW we detected 17 strange trades.
If we consider the specifics of each trade, it is accurate to state that 29% of the investors opened trades with bullish expectations and 70% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $200,114 and 13, calls, for a total amount of $914,201.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $400.0 to $650.0 for ServiceNow during the past quarter.
Volume & Open Interest Development
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 $400.0 to $650.0 in the last 30 days.
ServiceNow Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NOW | CALL | TRADE | BULLISH | 06/21/24 | $610.00 | $356.9K | 161 | 51 |
| NOW | CALL | TRADE | BULLISH | 01/19/24 | $400.00 | $112.5K | 122 | 6 |
| NOW | PUT | TRADE | BULLISH | 01/17/25 | $500.00 | $105.0K | 301 | 0 |
| NOW | CALL | SWEEP | BULLISH | 11/17/23 | $610.00 | $76.5K | 303 | 67 |
| NOW | CALL | TRADE | NEUTRAL | 11/24/23 | $600.00 | $58.0K | 69 | 22 |
Current Position of ServiceNow
- With a trading volume of 450,773, the price of NOW has up by 0.37%, reaching $611.5. Current RSI values indicate that the stock is may be approaching overbought. Next earnings report is scheduled for 78 days from now.
Expert Opinions on ServiceNow:
- In a cautious move, Needham downgraded its rating to Buy, setting a price target of $660.
- BMO Capital persists with their Outperform rating on ServiceNow, maintaining a target price of $630.
- Wells Fargo has decided to maintain their Overweight rating on ServiceNow, which currently sits at a price target of $675.
- In a cautious move, JMP Securities downgraded its rating to Market Outperform, setting a price target of $665.
- Morgan Stanley persists with their Overweight rating on ServiceNow, maintaining a target price of $648.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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