Market Whales and Their Recent Bets on NOW Options

Investors with a lot of money to spend have taken a bearish 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 13 options trades for ServiceNow.

This isn't normal.

The overall sentiment of these big-money traders is split between 30% bullish and 53%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $310,580, and 12, calls, for a total amount of $707,390.

What's The Price Target?

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $270.0 to $905.0 for ServiceNow during the past quarter.

Insights into Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in ServiceNow's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to ServiceNow's substantial trades, within a strike price spectrum from $270.0 to $905.0 over the preceding 30 days.

ServiceNow 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

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.

Current Position of ServiceNow

• Currently trading with a volume of 466,022, the NOW's price is down by -0.45%, now at $840.5.
• RSI readings suggest the stock is currently may be approaching oversold.
• Anticipated earnings release is in 37 days.

Professional Analyst Ratings for ServiceNow

In the last month, 5 experts released ratings on this stock with an average target price of $1144.6.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * In a cautious move, an analyst from Citizens Capital Markets downgraded its rating to Market Outperform, setting a price target of $1300. * In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $1048. * An analyst from UBS has decided to maintain their Buy rating on ServiceNow, which currently sits at a price target of $1000. * Consistent in their evaluation, an analyst from Canaccord Genuity keeps a Buy rating on ServiceNow with a target price of $1275. * An analyst from Mizuho has decided to maintain their Outperform rating on ServiceNow, which currently sits at a price target of $1100.

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.