Okta Sees Unusually Large Options Volume (NASDAQ:OKTA)

Okta, Inc. (NASDAQ:OKTA) saw unusually large options trading on Monday. Investors bought 34,505 call options on the stock. This represents an increase of approximately 63% compared to the average volume of 21,109 call options.

Analyst Ratings Changes

OKTA has been the subject of several analyst reports. Canaccord Genuity Group lifted 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, December 4th. Morgan Stanley set a $125.00 price objective on Okta in a research note on Tuesday, March 18th. Truist Financial raised their target price on Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Sanford C. Bernstein cut their price target on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research report on Tuesday, December 17th. Finally, KeyCorp boosted their price objective on shares of Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.29.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were 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 in the company, valued at $1,969,191. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brett Tighe sold 5,000 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now owns 112,533 shares in the company, valued at $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 quarter, insiders have sold 763,901 shares of company stock worth $70,880,205. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. acquired a new stake in Okta during the third quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Okta in the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC acquired a new position in shares of Okta in the third quarter valued at about $32,000. TD Private Client Wealth LLC raised its stake in Okta by 3,507.7% in 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 in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Okta in the 4th quarter valued at about $40,000. 86.64% of the stock is owned by institutional investors.

Okta Price Performance

NASDAQ:OKTA opened at $116.72 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 12-month low of $70.56 and a 12-month high of $118.07. The stock’s 50 day moving average price is $98.81 and its two-hundred day moving average price is $85.04. The firm has a market capitalization of $20.26 billion, a price-to-earnings ratio of -333.49, a P/E/G ratio of 6.42 and a beta of 1.09.

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.