Okta's Options: A Look at What the Big Money is Thinking

Deep-pocketed investors have adopted a bearish approach towards Okta OKTA, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in OKTA usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 20 extraordinary options activities for Okta. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 30% leaning bullish and 45% bearish. Among these notable options, 16 are puts, totaling $845,950, and 4 are calls, amounting to $416,050.

What's The Price Target?

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 $115.0 for Okta over the last 3 months.

Volume & Open Interest Development

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Okta's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Okta's substantial trades, within a strike price spectrum from $50.0 to $115.0 over the preceding 30 days.

Okta Call and Put Volume: 30-Day Overview

Significant Options Trades Detected:

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.

Having examined the options trading patterns of Okta, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Where Is Okta Standing Right Now?

• Trading volume stands at 1,614,559, with OKTA's price down by -4.65%, positioned at $107.22.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 79 days.

What Analysts Are Saying About Okta

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $116.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. 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. * Consistent in their evaluation, an analyst from Canaccord Genuity keeps a Hold rating on Okta with a target price of $100. * An analyst from Keybanc has decided to maintain their Overweight rating on Okta, which currently sits at a price target of $125. * An analyst from Oppenheimer persists with their Outperform rating on Okta, maintaining a target price of $135. * An analyst from Barclays persists with their Equal-Weight rating on Okta, maintaining a target price of $115.

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.