Okta, Inc. (NASDAQ:OKTA) Sees Significant Growth in Short Interest

Okta, Inc. (NASDAQ:OKTA - Get Free Report) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 3,820,000 shares, an increase of 27.8% from the March 15th total of 2,990,000 shares. Based on an average daily trading volume, of 2,090,000 shares, the days-to-cover ratio is currently 1.8 days.

Insider Buying and Selling at Okta

In other Okta news, CAO Shibu Ninan sold 2,500 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the completion of the sale, the chief accounting officer now directly owns 6,539 shares of the company's stock, valued at $590,013.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Shibu Ninan sold 2,500 shares of the company's stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the transaction, the chief accounting officer now owns 6,539 shares in the company, valued at $590,013.97. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 872 shares of the company's stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $82.83, for a total transaction of $72,227.76. Following the transaction, the insider now owns 22,125 shares in the company, valued at approximately $1,832,613.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,651 shares of company stock valued at $1,278,218. 7.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. TrueMark Investments LLC boosted its holdings in Okta by 13.5% in the first quarter. TrueMark Investments LLC now owns 16,597 shares of the company's stock valued at $1,736,000 after purchasing an additional 1,976 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Okta in the first quarter valued at approximately $63,000. Sunbelt Securities Inc. boosted its holdings in shares of Okta by 310.1% in the first quarter. Sunbelt Securities Inc. now owns 1,903 shares of the company's stock valued at $199,000 after acquiring an additional 1,439 shares during the period. Strategic Planning Group LLC boosted its holdings in shares of Okta by 4.5% in the first quarter. Strategic Planning Group LLC now owns 21,740 shares of the company's stock valued at $2,274,000 after acquiring an additional 935 shares during the period. Finally, CHICAGO TRUST Co NA acquired a new stake in shares of Okta in the first quarter valued at approximately $219,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OKTA has been the topic of several research reports. BMO Capital Markets increased their price target on shares of Okta from $80.00 to $110.00 and gave the stock a "market perform" rating in a report on Thursday, February 29th. Royal Bank of Canada raised their price objective on shares of Okta from $95.00 to $125.00 and gave the stock an "outperform" rating in a research note on Thursday, February 29th. Robert W. Baird raised their price objective on shares of Okta from $90.00 to $108.00 and gave the stock an "outperform" rating in a research note on Thursday, February 29th. The Goldman Sachs Group raised their price objective on shares of Okta from $105.00 to $120.00 and gave the stock a "buy" rating in a research note on Thursday, February 29th. Finally, Evercore ISI raised their price objective on shares of Okta from $70.00 to $102.00 and gave the stock an "in-line" rating in a research note on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $100.39.

Okta Trading Down 4.1 %

NASDAQ:OKTA traded down $4.03 on Monday, reaching $94.23. 1,725,512 shares of the company's stock were exchanged, compared to its average volume of 2,042,325. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $15.77 billion, a price-to-earnings ratio of -43.42 and a beta of 1.00. The business has a fifty day moving average of $98.22 and a 200-day moving average of $85.55. Okta has a 52-week low of $65.04 and a 52-week high of $114.50.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The firm had revenue of $605.00 million for the quarter, compared to analyst estimates of $586.25 million. As a group, analysts expect that Okta will post -1.51 earnings per share for the current year.

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.