A Closer Look at Okta's Options Market Dynamics

Investors with a lot of money to spend have taken a bullish stance on Okta OKTA.

And retail traders should know.

We noticed this today when the positions 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.

Today, Benzinga's options scanner spotted 9 options trades for Okta.

This isn't normal.

The overall sentiment of these big-money traders is split between 33% bullish and 22%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $25,900, and 8, calls, for a total amount of $437,188.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $50.0 to $120.0 for Okta over the last 3 months.

Insights into Volume & Open Interest

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

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 activity within a strike price range from $50.0 to $120.0 in the last 30 days.

Okta Option Activity Analysis: Last 30 Days

Noteworthy Options Activity:

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.

Following our analysis of the options activities associated with Okta, we pivot to a closer look at the company's own performance.

Where Is Okta Standing Right Now?

• Trading volume stands at 6,195,054, with OKTA's price up by 4.42%, positioned at $113.1.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 84 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 $117.6.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Susquehanna has decided to maintain their Neutral rating on Okta, which currently sits at a price target of $105. * Maintaining their stance, an analyst from Truist Securities continues to hold a Hold rating for Okta, targeting a price of $100. * An analyst from WestPark Capital downgraded its action to Buy with a price target of $140. * Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on Okta with a target price of $120. * An analyst from Goldman Sachs persists with their Buy rating on Okta, maintaining a target price of $123.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Okta options trades with real-time alerts from Benzinga Pro.