ServiceNow Unusual Options Activity
Portfolio Pulse from Benzinga Insights
A significant bearish stance has been taken on ServiceNow (NYSE:NOW) by a large investor, as indicated by unusual options activity. The sentiment among these big-money traders is 75% bearish and 25% bullish. The whales have been targeting a price range from $400.0 to $660.0 for ServiceNow over the last 3 months. Needham has downgraded its action to Buy with a price target of $660, while Evercore ISI Group maintains their Overweight rating on ServiceNow with a price target of $650.
August 29, 2023 | 8:01 pm
News sentiment analysis
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NEGATIVE IMPACT
A large investor has taken a bearish stance on ServiceNow, indicating potential downward pressure on the stock.
The unusual options activity and the bearish sentiment among big-money traders suggest that there might be downward pressure on ServiceNow's stock in the short term. This is further supported by Needham's downgrade of the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100