Spotlight on ServiceNow: Analyzing the Surge in Options Activity
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors have shown a bearish sentiment towards ServiceNow (NYSE:NOW) with significant options activity. Benzinga's options scanner highlighted 38 extraordinary options activities, with 57% of the sentiment being bearish. The trading activity suggests a price range of $400.0 to $1140.0 for ServiceNow over the next three months. Currently, ServiceNow is trading at $785.46, down by 0.15%, with an RSI indicating it may be overbought. An analyst from Needham has revised the rating to Buy with a price target of $900.
July 01, 2024 | 6:16 pm
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ServiceNow has experienced significant bearish options activity, with 57% of the sentiment being bearish. The trading activity suggests a price range of $400.0 to $1140.0 over the next three months. Currently, ServiceNow is trading at $785.46, down by 0.15%, with an RSI indicating it may be overbought. An analyst from Needham has revised the rating to Buy with a price target of $900.
The significant bearish sentiment among deep-pocketed investors and the extraordinary options activity suggest a potential downward pressure on ServiceNow's stock price in the short term. The current trading price and RSI readings also indicate that the stock may be overbought, adding to the likelihood of a price decline. However, the revised Buy rating from Needham with a $900 target provides some positive outlook, balancing the overall impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100