Okta (NASDAQ:OKTA) Shares Gap Up - What's Next?

Okta, Inc. (NASDAQ:OKTA - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $104.79, but opened at $109.60. Okta shares last traded at $110.57, with a volume of 806,081 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on OKTA shares. KeyCorp boosted their price objective on Okta from $125.00 to $135.00 and gave the stock an "overweight" rating in a report on Tuesday, March 4th. Susquehanna boosted their price target on shares of Okta from $95.00 to $105.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. DA Davidson raised shares of Okta from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $90.00 to $125.00 in a research note on Tuesday, March 4th. BTIG Research reissued a "buy" rating on shares of Okta in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus increased their target price on Okta from $115.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $116.12.

Okta Stock Performance

The firm has a fifty day simple moving average of $104.20 and a 200 day simple moving average of $90.56. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market cap of $19.60 billion, a price-to-earnings ratio of -322.57, a P/E/G ratio of 6.42 and a beta of 1.07.

Insider Activity at Okta

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of the company's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the transaction, the executive now owns 19,067 shares of the company's stock, valued at approximately $1,929,389.73. This represents a 26.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the sale, the insider now directly owns 22,125 shares of the company's stock, valued at $2,524,241.25. This represents a 34.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 222,192 shares of company stock worth $22,952,256. 7.00% of the stock is owned by insiders.

Institutional Trading of Okta

Hedge funds have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. acquired a new stake in shares of Okta in the 4th quarter valued at about $1,686,000. Nordea Investment Management AB raised its position in Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company's stock valued at $33,146,000 after purchasing an additional 382,190 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Okta by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock valued at $87,903,000 after buying an additional 46,064 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Okta by 46.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company's stock worth $854,000 after acquiring an additional 3,429 shares in the last quarter. Finally, Westpac Banking Corp grew its holdings in Okta by 2,574.9% in the fourth quarter. Westpac Banking Corp now owns 9,817 shares of the company's stock worth $774,000 after purchasing an additional 9,450 shares during the period. 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.