Deep-pocketed investors have adopted a bearish approach towards ServiceNow NOW, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in NOW usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for ServiceNow. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 2 are puts, totaling $110,492, and 6 are calls, amounting to $226,789.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $450.0 to $740.0 for ServiceNow over the recent three months.
Volume & Open Interest Trends
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 $450.0 to $740.0, over the past month.
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 | TRADE | BEARISH | 03/15/24 | $680.00 | $61.9K | 74 | 16 |
| NOW | PUT | TRADE | BULLISH | 05/17/24 | $710.00 | $55.7K | 14 | 0 |
| NOW | PUT | TRADE | BULLISH | 01/05/24 | $740.00 | $54.7K | 0 | 0 |
| NOW | CALL | SWEEP | BULLISH | 01/19/24 | $702.50 | $53.6K | 34 | 30 |
| NOW | CALL | TRADE | NEUTRAL | 03/15/24 | $710.00 | $30.3K | 104 | 9 |
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
- Currently trading with a volume of 457,006, the NOW's price is up by 1.01%, now at $700.8.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 34 days.
Professional Analyst Ratings for ServiceNow
In the last month, 2 experts released ratings on this stock with an average target price of $747.5.
- An analyst from Argus Research persists with their Buy rating on ServiceNow, maintaining a target price of $770.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on ServiceNow with a target price of $725.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest ServiceNow options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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