Coupa Software, Smartsheet And Other Most Priciest Majors In The Information Technology Sector

The most overbought stocks in the information technology sector presents an opportunity to go short on these overvalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

Coupa Software Incorporated (NASDAQ:COUP)

• Coupa Software recently entered an agreement to be acquired by Thoma Bravo for $81 per share in cash.. The company’s stock has a 52-week high of $166.21.
• RSI Value: 73.66
• COUP Price Action: Shares of Coupa Software fell 0.1% to settle at $78.61 on Thursday, and rose 0.1% in the pre-market trading session on Friday.

Smartsheet Inc. (NYSE:SMAR)

• Smartsheet recently reported better-than-expected Q3 results and issued FY23 guidance above estimates. The company’s stock has a 52-week high of $80.89.
• RSI Value: 71.23
• SMAR Price Action: Shares of Smartsheet fell 2.9% to close at $41.26 on Thursday, and gained 0.1% in the after-hours trading session.

Ambarella, Inc. (NASDAQ:AMBA)

• Ambarella recently reported better-than-expected quarterly results. The company has a 52-week high of $220.14.
• RSI Value: 71.11
• AMBA Price Action: Shares of Ambarella slipped 4.1% to close at $85.68 on Thursday and dropped 2.8% in after-hours trading.

OneConnect Financial Technology Co., Ltd. (NYSE:OCFT)

• OneConnect Financial Technology, last month, said revenue increased 0.4% year-over-year to RMB1.07 billion. The company’s 52-week high is $28.30.
• RSI Value: 79.69
• OCFT Price Action: Shares of OneConnect Financial fell 13% to close at $6.15 on Thursday and gained 0.3% in the pre-market trading session.

ForgeRock, Inc. (NYSE:FORG)

• ForgeRock, last month, reported a narrower loss for its third quarter. The company has a 52-week high of $28.33.
• RSI Value: 74.95
• FORG Price Action: Shares of ForgeRock fell 0.1% to settle at $23.55 on Thursday and dropped 3% in today’s pre-market trading session.