Market Whales and Their Recent Bets on NOW Options

Author: Benzinga Insights | August 21, 2024 09:46am

Whales with a lot of money to spend have taken a noticeably bullish stance on ServiceNow.

Looking at options history for ServiceNow (NYSE:NOW) we detected 13 trades.

If we consider the specifics of each trade, it is accurate to state that 69% of the investors opened trades with bullish expectations and 23% with bearish.

From the overall spotted trades, 9 are puts, for a total amount of $429,800 and 4, calls, for a total amount of $631,770.

Predicted Price Range

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $740.0 and $800.0 for ServiceNow, spanning the last three months.

Analyzing 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 $740.0 to $800.0 in the last 30 days.

ServiceNow Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
NOW	CALL	TRADE	BULLISH	01/17/25	$127.7	$120.1	$125.5	$760.00	$188.2K	433	28
NOW	CALL	TRADE	BEARISH	01/17/25	$127.8	$126.2	$126.2	$760.00	$164.0K	433	0
NOW	CALL	TRADE	BEARISH	11/15/24	$105.9	$103.1	$103.1	$770.00	$144.3K	174	14
NOW	CALL	TRADE	BEARISH	12/20/24	$114.5	$112.6	$112.6	$770.00	$135.1K	73	12
NOW	PUT	TRADE	BULLISH	11/15/24	$37.6	$36.0	$36.0	$800.00	$61.2K	74	17

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.

Present Market Standing of ServiceNow

• Currently trading with a volume of 12,021, the NOW's price is down by -0.41%, now at $834.81.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 63 days.

Expert Opinions on 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 $876.0.

• An analyst from JMP Securities has decided to maintain their Market Outperform rating on ServiceNow, which currently sits at a price target of $850.
• An analyst from Piper Sandler has decided to maintain their Overweight rating on ServiceNow, which currently sits at a price target of $850.
• An analyst from TD Cowen persists with their Buy rating on ServiceNow, maintaining a target price of $900.
• Consistent in their evaluation, an analyst from Stifel keeps a Buy rating on ServiceNow with a target price of $900.
• Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on ServiceNow with a target price of $880.

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.

Posted In: NOW