Market Whales and Their Recent Bets on OKTA Options

Author: Benzinga Insights | June 18, 2024 03:31pm

Investors with a lot of money to spend have taken a bearish stance on Okta (NASDAQ:OKTA).

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with OKTA, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 10 uncommon options trades for Okta.

This isn't normal.

The overall sentiment of these big-money traders is split between 20% bullish and 80%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $955,500, and 8 are calls, for a total amount of $379,851.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $40.0 to $130.0 for Okta over the recent three months.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Okta stands at 3566.38, with a total volume reaching 564.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Okta, situated within the strike price corridor from $40.0 to $130.0, throughout the last 30 days.

Okta Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
OKTA	PUT	TRADE	BULLISH	06/20/25	$14.0	$13.45	$13.65	$90.00	$682.5K	4	500
OKTA	PUT	TRADE	BULLISH	06/20/25	$13.95	$13.45	$13.65	$90.00	$273.0K	4	500
OKTA	CALL	SWEEP	BEARISH	08/16/24	$1.26	$1.0	$1.0	$100.00	$100.0K	5.5K	31
OKTA	CALL	SWEEP	BEARISH	01/17/25	$10.2	$10.0	$10.15	$92.50	$60.9K	27	0
OKTA	CALL	SWEEP	BEARISH	06/20/25	$5.35	$5.1	$5.25	$130.00	$57.7K	13	0

About Okta

Okta is a cloud-native security company that focuses on identity and access management. The San Francisco-based firm went public in 2017 and focuses on two key client stakeholder groups: workforces and customers. Okta's workforce offerings enable a company's employees to securely access its cloud-based and on-premises resources. The firm's customer offerings allow its clients' customers to securely access the client's applications.

In light of the recent options history for Okta, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Where Is Okta Standing Right Now?

• Currently trading with a volume of 755,276, the OKTA's price is down by -2.26%, now at $87.75.
• RSI readings suggest the stock is currently may be oversold.
• Anticipated earnings release is in 71 days.

Expert Opinions on Okta

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $115.0.

• Maintaining their stance, an analyst from JP Morgan continues to hold a Neutral rating for Okta, targeting a price of $110.
• An analyst from Susquehanna has decided to maintain their Neutral rating on Okta, which currently sits at a price target of $110.
• An analyst from Needham downgraded its action to Buy with a price target of $130.
• Consistent in their evaluation, an analyst from BMO Capital keeps a Market Perform rating on Okta with a target price of $100.
• In a cautious move, an analyst from RBC Capital downgraded its rating to Outperform, setting a price target of $125.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Okta with Benzinga Pro for real-time alerts.

Posted In: OKTA