Okta Sees Unusually Large Options Volume (NASDAQ:OKTA)

Okta, Inc. (NASDAQ:OKTA) was the target of unusually large options trading activity on Monday. Traders bought 34,505 call options on the stock. This represents an increase of 63% compared to the typical daily volume of 21,109 call options.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 763,901 shares of company stock worth $70,880,205 in the last ninety days. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust bought a new stake in Okta during the fourth quarter worth about $25,000. Itau Unibanco Holding S.A. purchased a new stake in Okta in the third quarter worth approximately $25,000. Legacy Investment Solutions LLC bought a new position in Okta during the third quarter valued at approximately $32,000. TD Private Client Wealth LLC grew its position in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after acquiring an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Okta during the fourth quarter worth approximately $40,000. Institutional investors own 86.64% of the company’s stock.

Okta Price Performance

Shares of NASDAQ:OKTA traded up $3.05 during trading on Monday, reaching $116.79. The company had a trading volume of 1,530,408 shares, compared to its average volume of 2,371,392. The company has a fifty day moving average of $97.48 and a two-hundred day moving average of $84.44. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $20.27 billion, a P/E ratio of -333.95, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. Okta has a 12 month low of $70.56 and a 12 month high of $117.20.

Analysts Set New Price Targets

Several research firms have recently weighed in on OKTA. DA Davidson upgraded shares of Okta from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. Scotiabank upped their price target on shares of Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research report on Tuesday, March 4th. Canaccord Genuity Group lifted their price objective on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. JMP Securities reissued a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. Finally, Barclays upped their target price on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.29.

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.