Okta (NASDAQ:OKTA) Hits New 12-Month High – Here’s Why

Okta, Inc. (NASDAQ:OKTA)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $117.23 and last traded at $116.63, with a volume of 1009916 shares traded. The stock had previously closed at $113.74.

Analyst Ratings Changes

Several brokerages have recently weighed in on OKTA. Guggenheim reissued a “buy” rating and issued a $130.00 price target on shares of Okta in a research note on Wednesday, December 4th. Morgan Stanley set a $125.00 price objective on shares of Okta in a research report on Tuesday, March 18th. JPMorgan Chase & Co. lifted their price objective on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. The Goldman Sachs Group raised their target price on Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, Canaccord Genuity Group increased their price target on Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.29.

Okta Price Performance

The firm has a fifty day moving average price of $98.81 and a two-hundred day moving average price of $85.04. The stock has a market capitalization of $20.30 billion, a P/E ratio of -333.05, a PEG ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $2,524,241.25. The trade was a 34.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brett Tighe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the transaction, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at approximately $10,015,437. The trade was a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 763,901 shares of company stock worth $70,880,205. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Okta

Institutional investors have recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust bought a new stake in shares of Okta during the 4th quarter worth approximately $25,000. Itau Unibanco Holding S.A. bought a new stake in shares of Okta during the third quarter valued at approximately $25,000. Legacy Investment Solutions LLC bought a new position in Okta in the third quarter worth approximately $32,000. TD Private Client Wealth LLC increased its holdings in Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after purchasing an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Okta in the 4th quarter worth $40,000. Institutional investors own 86.64% of the company’s stock.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.