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 15 extraordinary options activities for ServiceNow. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 40% leaning bullish and 60% bearish. Among these notable options, 8 are puts, totaling $449,379, and 7 are calls, amounting to $371,255.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $600.0 to $1020.0 for ServiceNow over the recent three months.
Insights into Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
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 activity within a strike price range from $600.0 to $1020.0 in the last 30 days.
ServiceNow Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NOW | PUT | TRADE | BEARISH | 03/01/24 | $730.00 | $138.0K | 193 | 0 |
| NOW | CALL | TRADE | NEUTRAL | 01/16/26 | $600.00 | $123.7K | 13 | 5 |
| NOW | PUT | TRADE | BULLISH | 03/01/24 | $735.00 | $77.5K | 77 | 53 |
| NOW | CALL | TRADE | NEUTRAL | 01/16/26 | $1020.00 | $69.0K | 63 | 10 |
| NOW | PUT | SWEEP | BEARISH | 03/15/24 | $780.00 | $50.0K | 212 | 10 |
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.
Where Is ServiceNow Standing Right Now?
- Currently trading with a volume of 328,992, the NOW's price is down by -1.97%, now at $738.0.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 63 days.
Expert Opinions on ServiceNow
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $877.0.
- An analyst from UBS has decided to maintain their Buy rating on ServiceNow, which currently sits at a price target of $885.
- An analyst from RBC Capital persists with their Outperform rating on ServiceNow, maintaining a target price of $850.
- Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on ServiceNow with a target price of $890.
- An analyst from Goldman Sachs persists with their Buy rating on ServiceNow, maintaining a target price of $910.
- Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on ServiceNow with a target price of $850.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for ServiceNow, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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