Decoding ServiceNow's Options Activity: What's the Big Picture?

Investors with a lot of money to spend have taken a bullish stance on ServiceNow NOW.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with NOW, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 11 options trades for ServiceNow.

This isn't normal.

The overall sentiment of these big-money traders is split between 36% bullish and 27%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $25,083, and 10, calls, for a total amount of $677,991.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $750.0 to $1030.0 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 55.75, with a total volume reaching 455.00. 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 $750.0 to $1030.0, throughout the last 30 days.

ServiceNow Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

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.

Present Market Standing of ServiceNow

• With a volume of 179,221, the price of NOW is up 1.59% at $1024.1.
• RSI indicators hint that the underlying stock may be overbought.
• Next earnings are expected to be released in 72 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 $1001.6.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Canaccord Genuity has decided to maintain their Buy rating on ServiceNow, which currently sits at a price target of $1000. * An analyst from Bernstein persists with their Outperform rating on ServiceNow, maintaining a target price of $913. * Maintaining their stance, an analyst from RBC Capital continues to hold a Outperform rating for ServiceNow, targeting a price of $1045. * Maintaining their stance, an analyst from Needham continues to hold a Buy rating for ServiceNow, targeting a price of $1075. * Maintaining their stance, an analyst from Baird continues to hold a Outperform rating for ServiceNow, targeting a price of $975.

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.