Okta (NASDAQ:OKTA) Sets New 12-Month High - What's Next?

Okta, Inc. (NASDAQ:OKTA - Get Free Report)'s share price hit a new 52-week high on Monday . The stock traded as high as $122.79 and last traded at $120.22, with a volume of 20160 shares trading hands. The stock had previously closed at $119.45.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Westpark Capital restated a "buy" rating and issued a $140.00 price objective on shares of Okta in a research report on Friday, February 28th. Cantor Fitzgerald began coverage on shares of Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 price target for the company. JPMorgan Chase & Co. upped their price objective on shares of Okta from $100.00 to $105.00 and gave the stock an "overweight" rating in a research report on Friday, February 28th. DA Davidson upgraded shares of Okta from a "neutral" rating to a "buy" rating and lifted their target price for the company from $90.00 to $125.00 in a research report on Tuesday, March 4th. Finally, BMO Capital Markets upped their price target on shares of Okta from $105.00 to $130.00 and gave the stock a "market perform" rating in a research report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $116.80.

Okta Stock Up 2.5%

The business's fifty day moving average price is $106.73 and its two-hundred day moving average price is $92.34. The firm has a market cap of $21.25 billion, a P/E ratio of -349.74, a P/E/G ratio of 6.42 and a beta of 0.96. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In related news, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares of the company's stock, valued at $1,929,389.73. This represents a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total transaction of $267,396.60. Following the sale, the insider now owns 22,125 shares of the company's stock, valued at $2,159,178.75. This trade represents a 11.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 157,192 shares of company stock valued at $16,614,756 over the last 90 days. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Bank of Jackson Hole Trust bought a new position in shares of Okta in the fourth quarter valued at approximately $25,000. Wolff Wiese Magana LLC boosted its stake in Okta by 167.4% in the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after purchasing an additional 154 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Okta during the first quarter worth $27,000. Harbour Investments Inc. increased its stake in shares of Okta by 152.4% in the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after buying an additional 157 shares in the last quarter. Finally, Rossby Financial LCC bought a new position in shares of Okta in the first quarter valued at about $31,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.

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