Okta (NASDAQ:OKTA) Reaches New 12-Month High – Time to Buy?

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

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Wells Fargo & Company raised their target price on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Westpark Capital reiterated a “buy” rating and issued a $140.00 target price on shares of Okta in a report on Friday, February 28th. Sanford C. Bernstein decreased their price objective on Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a report on Tuesday, December 17th. Finally, Truist Financial raised their target price on Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research note on Tuesday, March 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’s stock. According to MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and an average target price of $115.29.

Okta Price Performance

The company has a market cap of $20.30 billion, a price-to-earnings ratio of -333.05, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The company has a fifty day simple moving average of $98.81 and a two-hundred day simple moving average of $85.04.

Insider Buying and Selling at Okta

In other Okta news, insider Eric Robert Kelleher sold 5,895 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the sale, the insider now directly owns 9,828 shares in the company, valued at $1,117,935. This represents a 37.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction dated 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 directly owns 112,533 shares in the company, valued at $10,015,437. This represents a 4.25 % decrease in their ownership of the stock. 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 quarter. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

A number of institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Okta in the fourth quarter valued at $234,992,000. Ameriprise Financial Inc. grew its holdings in Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after acquiring an additional 1,828,630 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in shares of Okta by 2,309.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock valued at $139,693,000 after purchasing an additional 1,699,176 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of Okta by 236.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after purchasing an additional 1,572,786 shares during the last quarter. Finally, Sachem Head Capital Management LP bought a new stake in Okta in the fourth quarter valued at about $105,592,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.