What the Options Market Tells Us About ServiceNow
Portfolio Pulse from Benzinga Insights
ServiceNow (NYSE:NOW) has seen significant options market activity, indicating a bearish stance by large investors. Benzinga's options scanner revealed 13 trades, with a sentiment split of 30% bullish and 69% bearish. The trades target a price range of $550 to $810. Recent trading volume and RSI indicators suggest ServiceNow may be approaching overbought territory. Analysts have given mixed ratings, with an average target price of $842. Earnings are expected in 70 days.
February 14, 2024 | 5:31 pm
News sentiment analysis
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NEGATIVE IMPACT
Significant bearish options activity and mixed analyst ratings indicate potential short-term volatility for ServiceNow. Earnings announcement expected in 70 days could be a pivotal moment.
The bearish sentiment from large investors, as indicated by options activity, alongside mixed analyst ratings, suggests potential downward pressure on ServiceNow's stock price in the short term. However, the upcoming earnings announcement could significantly influence the stock's direction, adding a layer of uncertainty.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100