Okta Inc. shares advanced 26% to $169.89 on Thursday, extending a broader rally that has lifted the stock 44.5% over the past year. The surge followed a quarterly earnings beat and upwardly revised guidance, pushing the identity management provider to a new 52-week high.
Options activity reflected growing bullish sentiment, with total volume reaching 54,858 contracts by 11:10 a.m. ET. Call options accounted for 36,655 contracts, nearly double the 18,203 put contracts traded, a 2-to-1 ratio that underscored expectations of further upside. Near-term $170 strike calls expiring the next day led activity, with 2,317 contracts changing hands—well above the open interest—while September $200 calls saw 2,012 contracts traded with an open interest of 1,056.
Additional call options at $175 and $190 strikes for August also posted volumes exceeding their open interest, signaling concentrated bets on continued gains. A September $160/$175 call spread attracted 895 contracts, further indicating structured upside positioning.
Volatility metrics adjusted as traders priced in the stock’s momentum. Three-month implied volatility declined 8.08 points to 53.85%, while the 90/110 skew fell to -1.02 points. Realized volatility stood at 77.7%, reflecting the stock’s elevated price swings in recent sessions.
Analyst price targets for Okta now cluster between $163 and $200, with the recent surge bringing the stock closer to the upper end of the range.
