Smart Money Is Betting Big In NOW Options
Portfolio Pulse from Benzinga Insights
ServiceNow (NYSE:NOW) has seen significant options trading activity, with a bullish sentiment from financial giants. Analysis of 12 unusual trades revealed 66% bullish and 33% bearish tendencies. The trades include 8 puts valued at $416,626 and 4 calls worth $181,400, targeting a price range of $600 to $1180. The largest trades were bullish put sweeps with strike prices around $770-$785. ServiceNow, a SaaS provider for business process automation, has a current stock price of $784, up 0.7%, with an RSI indicating potential overbought status. Analysts have set an average price target of $880, with recent downgrades from Stifel and Keybanc.
March 27, 2024 | 2:17 pm
News sentiment analysis
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POSITIVE IMPACT
ServiceNow has seen bullish options trading with a focus on a price range of $600-$1180. The stock is currently at $784, up 0.7%, with analysts setting an average price target of $880 despite recent downgrades.
The bullish sentiment in options trading, combined with the current upward movement in stock price and the analysts' average price target above the current price, suggests a positive short-term impact. However, recent analyst downgrades and the potential overbought RSI status introduce some caution.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100