Decoding ServiceNow's Options Activity: What's the Big Picture?
Portfolio Pulse from Benzinga Insights
ServiceNow (NYSE:NOW) has seen significant options activity, indicating bullish sentiment among financial giants. Analysis of 22 unusual trades shows a mix of bullish (50%) and bearish (40%) positions, with a notable volume in calls over puts. The targeted price range for NOW is between $600.0 and $750.0. The largest trades include both bearish and neutral calls, and a bullish put, with strike prices ranging from $600 to $720. ServiceNow's current stock price is $707.46, down 2.63%, with analysts maintaining a positive outlook, proposing an average target price of $882.0.
May 07, 2024 | 2:15 pm
News sentiment analysis
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POSITIVE IMPACT
ServiceNow's options activity suggests bullish sentiment, with a significant volume of calls over puts. Analysts maintain a positive outlook with an average target price of $882.0, despite a recent 2.63% drop in stock price.
The bullish options activity, especially the higher volume of calls, indicates investor confidence in ServiceNow's future growth. This sentiment is supported by analysts' positive ratings and target prices, suggesting a potential short-term price increase. The recent price drop may offer a buying opportunity, considering the overall positive outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100