Okta (NASDAQ:OKTA) Reaches New 52-Week High – What’s Next?

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Truist Financial upped their price objective on Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Piper Sandler lifted their price target on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their price objective on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Susquehanna boosted their target price on Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Finally, Guggenheim restated a “buy” rating and issued a $130.00 price target on shares of Okta in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $115.29.

Okta Stock Up 2.5 %

The business’s 50 day moving average price is $97.48 and its 200-day moving average price is $84.44. The firm has a market capitalization of $20.23 billion, a PE ratio of -333.60, a P/E/G 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 Eric Robert Kelleher sold 5,895 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total transaction of $670,556.25. Following the sale, the insider now owns 9,828 shares of the company’s stock, valued at approximately $1,117,935. This trade represents a 37.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the sale, the insider now owns 24,462 shares in the company, valued at $1,969,191. This trade represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 763,901 shares of company stock worth $70,880,205 over the last 90 days. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Paloma Partners Management Co acquired a new position in shares of Okta in the 3rd quarter valued at $969,000. SBI Securities Co. Ltd. purchased a new stake in shares of Okta in the fourth quarter valued at about $1,686,000. Stifel Financial Corp boosted its stake in shares of Okta by 56.1% during the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after buying an additional 13,387 shares during the period. Nordea Investment Management AB grew its holdings in shares of Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after buying an additional 382,190 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Okta by 7.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after acquiring an additional 8,239 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.