Financial giants have made a conspicuous bearish move on ServiceNow. Our analysis of options history for ServiceNow NOW revealed 62 unusual trades.
Delving into the details, we found 40% of traders were bullish, while 59% showed bearish tendencies. Out of all the trades we spotted, 13 were puts, with a value of $775,457, and 49 were calls, valued at $2,932,083.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $520.0 and $1110.0 for ServiceNow, spanning the last three months.
Analyzing 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 $520.0 to $1110.0, over the past month.
ServiceNow Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NOW | CALL | SWEEP | BULLISH | 02/09/24 | $780.00 | $273.4K | 279 | 1.0K |
| NOW | CALL | SWEEP | BEARISH | 02/09/24 | $780.00 | $248.0K | 279 | 646 |
| NOW | CALL | TRADE | NEUTRAL | 01/17/25 | $980.00 | $211.0K | 119 | 50 |
| NOW | PUT | SWEEP | NEUTRAL | 02/16/24 | $750.00 | $150.3K | 104 | 163 |
| NOW | PUT | SWEEP | NEUTRAL | 05/17/24 | $810.00 | $127.3K | 4 | 31 |
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.
Current Position of ServiceNow
- Trading volume stands at 1,070,435, with NOW's price up by 0.01%, positioned at $766.75.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 89 days.
Professional Analyst Ratings for ServiceNow
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $854.2.
- Maintaining their stance, an analyst from Mizuho continues to hold a Buy rating for ServiceNow, targeting a price of $820.
- Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on ServiceNow with a target price of $830.
- Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on ServiceNow with a target price of $896.
- An analyst from JMP Securities persists with their Market Outperform rating on ServiceNow, maintaining a target price of $825.
- In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $900.
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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