Okta (NASDAQ:OKTA) Sees Large Volume Increase After Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA) saw unusually-high trading volume on Thursday after Wells Fargo & Company raised their price target on the stock from $80.00 to $95.00. Wells Fargo & Company currently has an equal weight rating on the stock. Approximately 2,646,595 shares traded hands during trading, an increase of 27% from the previous session’s volume of 2,089,208 shares.The stock last traded at $86.46 and had previously closed at $86.11.

A number of other brokerages have also weighed in on OKTA. Royal Bank of Canada restated an “outperform” rating and set a $101.00 price objective on shares of Okta in a research report on Wednesday. Truist Financial reaffirmed a “hold” rating and issued a $92.00 price objective (up previously from $80.00) on shares of Okta in a research note on Wednesday. Mizuho lowered their target price on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Canaccord Genuity Group boosted their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Stifel Nicolaus increased their price objective on shares of Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $103.77.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the sale, the insider now owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the sale, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. This represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 607,215 shares of company stock valued at $46,304,810. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

Hedge funds have recently modified their holdings of the stock. Paloma Partners Management Co acquired a new position in shares of Okta in the 3rd quarter valued at $969,000. SG Americas Securities LLC raised its position in shares of Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,364 shares during the period. Truist Financial Corp boosted its stake in shares of Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Okta by 105.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after acquiring an additional 184,107 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Okta by 7.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after purchasing an additional 8,239 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Down 3.0 %

The company has a market cap of $14.19 billion, a price-to-earnings ratio of -247.03, a PEG ratio of 20.94 and a beta of 1.00. The business has a fifty day moving average of $75.37 and a two-hundred day moving average of $84.29. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

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.