Okta (NASDAQ:OKTA) Sees Unusually-High Trading Volume on 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 changed hands during mid-day 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.

OKTA has been the subject of a number of other reports. Needham & Company LLC upped their price objective on Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday. Mizuho dropped 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. Guggenheim reiterated a “buy” rating and set a $130.00 price target on shares of Okta in a research report on Wednesday. Deutsche Bank Aktiengesellschaft downgraded shares of Okta from a “buy” rating to a “hold” rating and decreased their price target for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. Finally, The Goldman Sachs Group upped their price objective on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $103.77.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the sale, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 607,215 shares of company stock worth $46,304,810 in the last quarter. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several institutional investors have recently made changes to their positions in OKTA. Itau Unibanco Holding S.A. bought a new stake in shares of Okta in the 3rd quarter worth about $25,000. Future Financial Wealth Managment LLC purchased a new position in Okta during the 3rd quarter valued at $26,000. Blue Trust Inc. increased its stake in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares during the period. Legacy Investment Solutions LLC bought a new stake in Okta during the 3rd quarter valued at about $32,000. Finally, First Command Advisory Services Inc. bought a new stake in shares of Okta during the second quarter valued at approximately $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Up 1.5 %

The business has a fifty day moving average of $75.56 and a 200-day moving average of $84.28. The stock has a market cap of $14.40 billion, a PE ratio of -238.60, a price-to-earnings-growth ratio of 20.94 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

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.