Market Whales and Their Recent Bets on NOW Options

Author: Benzinga Insights | May 23, 2024 10:15am

Financial giants have made a conspicuous bullish move on ServiceNow. Our analysis of options history for ServiceNow (NYSE:NOW) revealed 29 unusual trades.

Delving into the details, we found 37% of traders were bullish, while 37% showed bearish tendencies. Out of all the trades we spotted, 15 were puts, with a value of $1,329,400, and 14 were calls, valued at $463,380.

Predicted Price Range

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $700.0 to $1180.0 for ServiceNow during the past quarter.

Volume & Open Interest Trends

In today's trading context, the average open interest for options of ServiceNow stands at 209.7, with a total volume reaching 4,030.00. 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 $700.0 to $1180.0, throughout the last 30 days.

ServiceNow Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
NOW	PUT	SWEEP	BEARISH	08/16/24	$42.6	$42.2	$42.6	$780.00	$275.3K	1.2K	243
NOW	PUT	SWEEP	BULLISH	01/17/25	$407.5	$392.7	$392.7	$1180.00	$196.3K	0	5
NOW	PUT	TRADE	BEARISH	08/16/24	$42.1	$41.1	$42.1	$780.00	$101.0K	1.2K	116
NOW	PUT	TRADE	BEARISH	08/16/24	$42.1	$40.8	$42.1	$780.00	$101.0K	1.2K	102
NOW	PUT	TRADE	BEARISH	08/16/24	$42.1	$40.7	$42.1	$780.00	$92.6K	1.2K	78

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.

Having examined the options trading patterns of ServiceNow, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Where Is ServiceNow Standing Right Now?

• With a trading volume of 105,651, the price of NOW is up by 0.08%, reaching $771.45.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 62 days from now.

Professional Analyst Ratings for ServiceNow

In the last month, 5 experts released ratings on this stock with an average target price of $867.0.

• An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $900.
• Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on ServiceNow with a target price of $830.
• An analyst from JMP Securities has revised its rating downward to Market Outperform, adjusting the price target to $825.
• Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on ServiceNow with a target price of $830.
• Consistent in their evaluation, an analyst from Keybanc keeps a Overweight rating on ServiceNow with a target price of $950.

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.

Posted In: NOW