Okta (NASDAQ:OKTA) Shares Up 1.3% - Should You Buy?

Okta, Inc. (NASDAQ:OKTA - Get Free Report)'s stock price traded up 1.3% during trading on Wednesday . The stock traded as high as $102.18 and last traded at $102.08. 753,136 shares were traded during trading, a decline of 75% from the average session volume of 2,994,570 shares. The stock had previously closed at $100.78.

Wall Street Analysts Forecast Growth

OKTA has been the topic of a number of research reports. Westpark Capital restated a "buy" rating and issued a $140.00 price target on shares of Okta in a report on Wednesday, May 28th. The Goldman Sachs Group raised their price target on Okta from $123.00 to $137.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Royal Bank of Canada decreased their price objective on shares of Okta from $143.00 to $135.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 28th. Barclays dropped their target price on shares of Okta from $135.00 to $120.00 and set an "equal weight" rating for the company in a report on Wednesday, May 28th. Finally, Robert W. Baird upped their price target on shares of Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $121.59.

Okta Stock Performance

The stock has a market cap of $17.54 billion, a PE ratio of -286.23, a P/E/G ratio of 6.42 and a beta of 0.84. 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 stock has a 50-day simple moving average of $108.95 and a 200-day simple moving average of $98.38.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. The business had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The company's revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS. Equities analysts predict that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the sale, the insider now owns 22,125 shares of the company's stock, valued at $2,524,241.25. This trade represents a 34.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of the business'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 directly owns 19,067 shares in the company, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,452 shares of company stock valued at $2,697,360. Company insiders own 5.68% of the company's stock.

Institutional Investors Weigh In On Okta

A number of large investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Okta by 52.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company's stock worth $956,000 after buying an additional 4,171 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of Okta in the first quarter worth about $823,000. SBI Securities Co. Ltd. purchased a new position in Okta in the fourth quarter valued at about $1,686,000. GAMMA Investing LLC boosted its holdings in Okta by 37,287.3% in the first quarter. GAMMA Investing LLC now owns 126,369 shares of the company's stock valued at $13,297,000 after purchasing an additional 126,031 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Okta by 4.3% during 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 purchasing an additional 46,064 shares in the last quarter. 86.64% of the stock is 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.