Okta (NASDAQ:OKTA) Hits New 1-Year High – Should You Buy?

Shares of Okta, Inc. (NASDAQ:OKTA) reached a new 52-week high during trading on Monday . The stock traded as high as $117.23 and last traded at $116.63, with a volume of 1009916 shares traded. The stock had previously closed at $113.74.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OKTA. Robert W. Baird boosted their price target on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Piper Sandler raised their price target on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Scotiabank lifted their price target on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research note on Tuesday, March 4th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. Finally, Sanford C. Bernstein decreased their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.29.

Okta Trading Up 2.5 %

The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $20.23 billion, a P/E ratio of -333.60, a PEG ratio of 6.42 and a beta of 1.09. The firm’s 50-day simple moving average is $97.48 and its 200 day simple moving average is $84.44.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the sale, the insider now directly owns 24,462 shares in the company, valued at $1,969,191. The trade was a 9.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brett Tighe sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the transaction, the chief financial officer now directly owns 112,533 shares in the company, valued at $10,015,437. The trade was a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 763,901 shares of company stock valued at $70,880,205. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Hedge funds have recently bought and sold shares of the stock. Itau Unibanco Holding S.A. bought a new stake in shares of Okta in the third quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Okta in the 4th quarter worth approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in shares of Okta during the 3rd quarter worth approximately $32,000. TD Private Client Wealth LLC increased its position in shares of 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 purchasing an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Okta in the fourth quarter valued at $40,000. 86.64% of the stock is owned by institutional investors.

Okta Company Profile

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.