ServiceNow's Options Frenzy: What You Need to Know

Financial giants have made a conspicuous bullish move on ServiceNow. Our analysis of options history for ServiceNow NOW revealed 23 unusual trades.

Delving into the details, we found 39% of traders were bullish, while 26% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $821,440, and 19 were calls, valued at $1,375,473.

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Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $650.0 to $1100.0 for ServiceNow during the past quarter.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $650.0 to $1100.0 in the last 30 days.

ServiceNow Option Volume And Open Interest Over Last 30 Days

Significant Options Trades Detected:

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.

Following our analysis of the options activities associated with ServiceNow, we pivot to a closer look at the company's own performance.

Where Is ServiceNow Standing Right Now?

• Currently trading with a volume of 487,407, the NOW's price is up by 0.18%, now at $944.55.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 84 days.

What Analysts Are Saying About ServiceNow

In the last month, 5 experts released ratings on this stock with an average target price of $986.2.

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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. * An analyst from Evercore ISI Group has decided to maintain their Outperform rating on ServiceNow, which currently sits at a price target of $1000. * Maintaining their stance, an analyst from UBS continues to hold a Buy rating for ServiceNow, targeting a price of $1025. * Consistent in their evaluation, an analyst from Canaccord Genuity keeps a Buy rating on ServiceNow with a target price of $1075. * Consistent in their evaluation, an analyst from Morgan Stanley keeps a Equal-Weight rating on ServiceNow with a target price of $950. * Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for ServiceNow, targeting a price of $881.

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.