Okta's Options Frenzy: What You Need to Know

Deep-pocketed investors have adopted a bullish 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 8 extraordinary options activities for Okta. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 62% leaning bullish and 25% bearish. Among these notable options, 5 are puts, totaling $291,975, and 3 are calls, amounting to $113,626.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $75.0 to $115.0 for Okta over the recent three months.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Okta options trades today is 548.5 with a total volume of 671.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Okta's big money trades within a strike price range of $75.0 to $115.0 over the last 30 days.

Okta 30-Day Option Volume & Interest Snapshot

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.

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

Okta's Current Market Status

• With a trading volume of 1,451,294, the price of OKTA is down by -2.69%, reaching $105.08.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 58 days from now.

What The Experts Say On 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 $112.4.

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. * Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for Okta, targeting a price of $109. * An analyst from Stifel persists with their Buy rating on Okta, maintaining a target price of $120. * An analyst from Goldman Sachs has decided to maintain their Buy rating on Okta, which currently sits at a price target of $123. * An analyst from Citigroup persists with their Neutral rating on Okta, maintaining a target price of $110. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Okta, targeting a price of $100.

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.