Okta stock is brushing off a top- and bottom-line beat for the second quarter
It’s the cybersecurity sector’s turn to take the spotlight after earnings. CrowdStrike Holdings Inc (NASDAQ:CRWD) and Okta Inc (NASDAQ:OKTA) are in focus after the former cut its forecast for the fiscal third quarter and issued a lackluster full-year outlook, while the latter is brushing off a second-quarter top- and bottom-line beat after billings slipped below estimates.
CRWD was last seen 7.1% higher to trade at $282.86, reversing premarket losses despite seeing no fewer than seven price-target cuts, including one from Raymond James to $275 from $380. The stock’s rally off this year’s Aug. 5 low of $200.81 fell just short of the $280 level last week, but it still boasts a 88.9% year-over-year lead as it paces for its best day since June.
OKTA is down 18.3% to trade at $78.90 at last glance, on track for a fourth-straight daily loss and worst day since September 2022. Shares earlier hit a fresh low for the year, after long-term overhead pressure at the $100 level rejected this week’s rally attempt. So far in 2024, the equity shed 13.3%.
Options traders are blasting both equities today, with overall options volume running at triple the intraday average volume for CRWD, and 14 times what’s typically seen at this point for OKTA. For the former, it is the weekly 8/30 300-srtrike call that is leading the charge, while for the latter it’s the October 82.50 call, where positions are now being opened.