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

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

Analyst Upgrades and Downgrades

OKTA has been the subject of a number of research analyst reports. Robert W. Baird lifted their target price on Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Morgan Stanley cut their price objective on shares of Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Guggenheim reduced their target price on shares of Okta from $140.00 to $138.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Jefferies Financial Group reiterated a "hold" rating and set a $135.00 price objective (up previously from $110.00) on shares of Okta in a report on Friday, May 23rd. Finally, Stifel Nicolaus raised their price objective on Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $121.59.

Okta Stock Performance

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 firm's fifty day moving average price is $109.19 and its two-hundred day moving average price is $99.60. The stock has a market capitalization of $17.27 billion, a PE ratio of 156.61, a price-to-earnings-growth ratio of 4.81 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 earnings per share (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 business had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. During the same period in the prior year, the company posted $0.65 EPS. The company's revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities research analysts forecast that Okta, Inc. will post 0.42 EPS for the current year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the transaction, the executive now owns 19,067 shares in the company, valued at $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Larissa Schwartz sold 1,105 shares of Okta stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $98.50, for a total value of $108,842.50. Following the completion of the sale, the insider now directly owns 25,884 shares in the company, valued at $2,549,574. This represents a 4.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,354 shares of company stock valued at $1,042,078. Company insiders own 5.68% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Okta during the fourth quarter worth $234,992,000. Massachusetts Financial Services Co. MA boosted its position in Okta by 325.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock worth $389,308,000 after acquiring an additional 2,830,582 shares during the last quarter. Alkeon Capital Management LLC purchased a new stake in Okta during the 1st quarter valued at about $199,918,000. Ameriprise Financial Inc. raised its holdings in Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the last quarter. Finally, Ninety One UK Ltd purchased a new position in Okta in the 1st quarter worth approximately $189,915,000. Hedge funds and other institutional investors 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.