Deep-pocketed investors have adopted a bullish approach towards ServiceNow (NYSE: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 28 extraordinary options activities for ServiceNow. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 46% leaning bullish and 39% bearish. Among these notable options, 6 are puts, totaling $592,826, and 22 are calls, amounting to $1,749,794.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $400.0 and $970.0 for ServiceNow, spanning the last three months.
Insights into Volume & Open Interest
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 $400.0 to $970.0 in the last 30 days.
ServiceNow Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOW | PUT | TRADE | BEARISH | 09/20/24 | $24.9 | $22.4 | $24.9 | $710.00 | $351.0K | 233 | 23 |
| NOW | CALL | TRADE | BULLISH | 09/20/24 | $50.6 | $49.3 | $50.2 | $750.00 | $251.0K | 176 | 0 |
| NOW | CALL | TRADE | NEUTRAL | 08/16/24 | $72.0 | $69.6 | $70.7 | $700.00 | $212.1K | 4.3K | 4 |
| NOW | CALL | TRADE | BEARISH | 08/16/24 | $71.7 | $69.9 | $69.9 | $700.00 | $174.7K | 4.3K | 79 |
| NOW | CALL | SWEEP | BULLISH | 06/20/25 | $42.5 | $40.9 | $42.5 | $970.00 | $127.5K | 8 | 32 |
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.
Where Is ServiceNow Standing Right Now?
- Trading volume stands at 1,030,791, with NOW's price up by 2.06%, positioned at $754.81.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 29 days.
Professional Analyst Ratings for ServiceNow
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $900.0.
- Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $900.
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.