Okta Target of Unusually High Options Trading (NASDAQ:OKTA)

Okta, Inc. (NASDAQ:OKTA) was the recipient of some unusual options trading activity on Monday. Traders purchased 34,505 call options on the stock. This is an increase of 63% compared to the typical daily volume of 21,109 call options.

Analysts Set New Price Targets

OKTA has been the subject of a number of research reports. Mizuho raised shares of Okta from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $110.00 to $127.00 in a report on Tuesday, March 4th. Guggenheim reaffirmed a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Wednesday, December 4th. Robert W. Baird increased their price objective on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Truist Financial raised their target price on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Finally, Royal Bank of Canada upped their target price on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $115.29.

Insider Activity at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 3,306 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total transaction of $293,738.10. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 763,901 shares of company stock valued at $70,880,205 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Empowered Funds LLC raised its stake in Okta by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 5,718 shares of the company’s stock valued at $425,000 after purchasing an additional 295 shares during the last quarter. Quest Partners LLC increased its holdings in shares of Okta by 346.2% during the 3rd quarter. Quest Partners LLC now owns 7,134 shares of the company’s stock worth $530,000 after purchasing an additional 5,535 shares during the period. Caprock Group LLC raised its position in shares of Okta by 32.6% during the third quarter. Caprock Group LLC now owns 3,786 shares of the company’s stock valued at $281,000 after buying an additional 930 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Okta in the third quarter valued at about $307,000. Finally, Charles Schwab Investment Management Inc. grew its position in Okta by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after buying an additional 17,950 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Trading Up 2.3 %

Okta stock opened at $116.38 on Tuesday. Okta has a one year low of $70.56 and a one year high of $118.07. The company’s fifty day moving average price is $98.14 and its two-hundred day moving average price is $84.73. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market capitalization of $20.20 billion, a price-to-earnings ratio of -332.51, a PEG ratio of 6.42 and a beta of 1.09.

About Okta

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.