Looking At Okta's Recent Unusual Options Activity

Author: Benzinga Insights | September 10, 2024 04:46pm

Whales with a lot of money to spend have taken a noticeably bearish stance on Okta.

Looking at options history for Okta (NASDAQ:OKTA) we detected 12 trades.

If we consider the specifics of each trade, it is accurate to state that 33% of the investors opened trades with bullish expectations and 66% with bearish.

From the overall spotted trades, 4 are puts, for a total amount of $190,898 and 8, calls, for a total amount of $399,069.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $77.5 for Okta over the last 3 months.

Insights into Volume & Open Interest

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Okta's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Okta's whale trades within a strike price range from $60.0 to $77.5 in the last 30 days.

Okta Option Volume And Open Interest Over Last 30 Days

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
OKTA	CALL	TRADE	BEARISH	02/21/25	$12.4	$12.2	$12.25	$65.00	$77.1K	11	112
OKTA	PUT	SWEEP	BULLISH	11/15/24	$8.15	$8.1	$8.1	$77.50	$67.2K	193	143
OKTA	CALL	SWEEP	BEARISH	02/21/25	$12.2	$12.1	$12.1	$65.00	$64.1K	11	165
OKTA	CALL	SWEEP	BEARISH	02/21/25	$12.4	$12.25	$12.25	$65.00	$58.8K	11	49
OKTA	PUT	SWEEP	BULLISH	11/15/24	$8.2	$8.1	$8.1	$77.50	$48.6K	193	60

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.

Okta's Current Market Status

• Trading volume stands at 2,877,202, with OKTA's price down by -0.38%, positioned at $71.0.
• RSI indicators show the stock to be may be oversold.
• Earnings announcement expected in 78 days.

What Analysts Are Saying About Okta

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $101.2.

• An analyst from Citigroup persists with their Neutral rating on Okta, maintaining a target price of $110.
• An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Okta, which currently sits at a price target of $90.
• An analyst from Stifel persists with their Buy rating on Okta, maintaining a target price of $108.
• Consistent in their evaluation, an analyst from BMO Capital keeps a Market Perform rating on Okta with a target price of $103.
• In a cautious move, an analyst from Truist Securities downgraded its rating to Hold, setting a price target of $95.

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