Okta (NASDAQ:OKTA) Stock Price Up 1.4% - Here's What Happened

Okta, Inc. (NASDAQ:OKTA - Get Free Report) shares traded up 1.4% on Friday . The company traded as high as $101.33 and last traded at $100.40. 874,804 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 3,681,598 shares. The stock had previously closed at $99.00.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on OKTA shares. Evercore ISI lifted their price objective on Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. The Goldman Sachs Group raised their price target on shares of Okta from $123.00 to $137.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Guggenheim reduced their price objective on shares of Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Citigroup lifted their target price on shares of Okta from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus increased their price target on Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty 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 $121.59.

Okta Stock Up 1.5%

The stock's 50-day moving average price is $109.24 and its 200-day moving average price is $99.27. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05. The stock has a market cap of $17.59 billion, a price-to-earnings ratio of 159.22, a P/E/G ratio of 4.79 and a beta of 0.84.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.77 by $0.09. Okta had a net margin of 4.85% and a return on equity of 2.79%. The company had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. During the same period in the previous year, the firm posted $0.65 earnings per share. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. On average, sell-side analysts expect that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Buying and Selling at Okta

In related news, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Hedge funds and other institutional investors have recently modified their holdings of the company. Wolff Wiese Magana LLC boosted its position in Okta by 167.4% during the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after buying an additional 154 shares during the period. Wayfinding Financial LLC bought a new stake in shares of Okta in the 1st quarter valued at about $27,000. Harbour Investments Inc. boosted its holdings in Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after acquiring an additional 157 shares during the period. Rossby Financial LCC bought a new position in Okta during the 1st quarter worth approximately $31,000. Finally, Bank of Jackson Hole Trust bought a new position in Okta during the 4th quarter worth approximately $25,000. 86.64% of the stock is currently 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.

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