Okta, Inc. (NASDAQ:OKTA) Short Interest Update

Okta, Inc. (NASDAQ:OKTAGet Rating) was the target of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 6,850,000 shares, an increase of 23.4% from the April 30th total of 5,550,000 shares. Based on an average daily volume of 2,960,000 shares, the days-to-cover ratio is currently 2.3 days.

In other news, CFO Brett Tighe sold 2,858 shares of the firm’s stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total transaction of $437,045.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 7,655 shares of Okta stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $1,170,602.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,537 shares of company stock worth $2,984,147. Corporate insiders own 7.60% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Global Trust Asset Management LLC acquired a new stake in Okta during the 4th quarter worth about $30,000. CI Investments Inc. grew its position in Okta by 944.4% in the first quarter. CI Investments Inc. now owns 188 shares of the company’s stock valued at $28,000 after acquiring an additional 170 shares during the period. KB Financial Partners LLC bought a new stake in Okta in the fourth quarter valued at $42,000. Aquire Wealth Advisors LLC bought a new stake in shares of Okta during the fourth quarter worth $45,000. Finally, Liberty Wealth Management LLC boosted its holdings in Okta by 129.3% in the third quarter. Liberty Wealth Management LLC now owns 211 shares of the company’s stock valued at $52,000 after acquiring an additional 119 shares during the last quarter. Institutional investors and hedge funds own 76.18% of the company’s stock.

Shares of Okta stock traded up $8.85 on Thursday, reaching $93.28. The company had a trading volume of 130,034 shares, compared to its average volume of 3,280,956. The firm’s 50 day moving average price is $119.89 and its two-hundred day moving average price is $171.71. The firm has a market cap of $14.62 billion, a PE ratio of -16.06 and a beta of 1.18. Okta has a 52-week low of $77.01 and a 52-week high of $276.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.45 and a current ratio of 2.45.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings data on Wednesday, March 2nd. The company reported ($1.20) EPS for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.07. Okta had a negative net margin of 65.25% and a negative return on equity of 13.61%. The company had revenue of $383.02 million during the quarter, compared to the consensus estimate of $359.46 million. During the same quarter in the prior year, the firm earned ($0.37) EPS. As a group, sell-side analysts predict that Okta will post -5.37 EPS for the current year.

Several equities analysts have recently issued reports on the stock. Guggenheim reduced their price target on shares of Okta from $265.00 to $240.00 and set a “buy” rating for the company in a report on Friday, March 4th. Truist Financial cut shares of Okta from a “buy” rating to a “hold” rating and cut their price objective for the company from $270.00 to $170.00 in a research note on Tuesday, March 22nd. KeyCorp cut their price objective on shares of Okta from $225.00 to $190.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 5th. Canaccord Genuity Group cut their price objective on shares of Okta from $320.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Okta from $250.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, March 3rd. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $207.75.

About Okta (Get Rating)

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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