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Friday, April 02, 2021 12:46:46 PM
By: Schaeffer's Investment Research | April 1, 2021
• Okta stock is still up 91.5% over the past 12 months despite the recent selloff
• Options traders have been loading up on OKTA puts
Software stock Okta, Inc. (NASDAQ:OKTA) offers services to more than 10,000 organizations, including JetBlue (JBLU), Nordstrom (JWN), Siemens, Slack Technologies (WORK), T-Mobile (TMUS), Takeda, Teach for America, and Twilio (TWLO).
Carving out a channel of higher highs, OKTA raced to a record high of $294 by Feb. 12. What's followed was a sharp pullback to the $200 level, and a subsequent bearish flag pattern. There could be resistance forming at the -10% year-to-date level, despite the stock's sizable 91.5% year-over-year gain.
Options traders have started to take notice of the technical troubles. The stock sports a 10-day put/call volume ratio of 2.85 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 95% of readings from the past year. This implies a much healthier-than-usual appetite for long puts of late.
Regardless of direction, those looking to bet on Okta stock's next move might want to consider options. In light of the post-earnings volatility crush, the equity's Schaeffer's Volatility Index (SVI) of 44% stands higher than just 15% of all other readings from the 12 months, implying that near-term option traders are attractively priced at the moment, from a historical volatility perspective.
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Recent OKTA News
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 05/09/2024 08:15:36 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/09/2024 08:13:26 PM
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- Okta Announces Availability of Fine Grained Authorization for Enhanced Security and Efficiency • Business Wire • 03/05/2024 01:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/01/2024 09:02:15 PM
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- Okta Strengthens Go to Market Leadership with Executive Appointments • Business Wire • 02/28/2024 09:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 09:02:31 PM
- Okta Announces Fourth Quarter And Fiscal Year 2024 Financial Results • Business Wire • 02/28/2024 09:01:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 10:17:27 PM
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