Okta Put Option Volume Surges 52% as Analysts Cut Price Targets to $105
Okta saw Cowen & Co. maintain its Hold rating while cutting the price target from $115 to $105 and Stifel, Morgan Stanley and Canaccord reduced targets to $121, $110 and $120 respectively. Put option volume jumped 52% to 16,957 contracts, signaling heightened investor bearishness.
1. Analyst Price Target Revisions
Cowen & Co. maintained its Hold rating on Okta but lowered the price target from $115 to $105. Stifel Nicolaus cut its target from $130 to $121 while keeping a Buy rating, Morgan Stanley trimmed its objective from $123 to $110 with an Overweight stance, and Canaccord reaffirmed a Buy rating with a $120 target.
2. Surge in Put Option Trading
Investors purchased 16,957 put contracts, marking a 52% rise from the average daily volume of 11,146. This spike reflects growing bearish sentiment or hedging activity as traders brace for potential downside in Okta shares.
3. Recent Stock Fluctuations and Market Capitalization
Shares declined 6.43% today, trading between $68.77 and $73.55, after reaching a one-year high of $127.57 and a low of $68.77. The company’s market capitalization stands at approximately $11.78 billion with 4.77 million shares changing hands during the session.