Okta Target of Unusually High Options Trading (NASDAQ:OKTA)

Okta, Inc. (NASDAQ:OKTA) was the target of unusually large options trading activity on Tuesday. Investors bought 19,479 call options on the company. This is an increase of approximately 41% compared to the typical daily volume of 13,846 call options.

Okta Price Performance

Shares of Okta stock traded up $2.19 on Tuesday, reaching $88.35. The stock had a trading volume of 3,217,798 shares, compared to its average volume of 2,515,543. Okta has a 1 year low of $44.12 and a 1 year high of $91.50. The company has a market cap of $14.34 billion, a P/E ratio of -23.35 and a beta of 0.99. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $71.88 and its two-hundred day moving average is $75.81.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 30th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.09. The firm had revenue of $556.00 million for the quarter, compared to the consensus estimate of $534.67 million. Okta had a negative net margin of 28.66% and a negative return on equity of 9.40%. The company’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.19) earnings per share. As a group, research analysts anticipate that Okta will post -2.81 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $110.00 price target on shares of Okta in a research report on Thursday, August 31st. Stephens reaffirmed an “equal weight” rating and set a $90.00 price target on shares of Okta in a research report on Thursday, August 31st. DA Davidson raised their price target on shares of Okta from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, August 31st. JPMorgan Chase & Co. lowered shares of Okta from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $95.00 to $85.00 in a report on Thursday, June 1st. Finally, Oppenheimer reissued an “outperform” rating and issued a $110.00 target price on shares of Okta in a report on Thursday, August 31st. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.24.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 1,958 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.60, for a total value of $148,024.80. Following the sale, the insider now owns 20,522 shares of the company’s stock, valued at $1,551,463.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Okta news, insider Larissa Schwartz sold 1,958 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.60, for a total transaction of $148,024.80. Following the sale, the insider now directly owns 20,522 shares of the company’s stock, valued at $1,551,463.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 6,897 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $75.60, for a total transaction of $521,413.20. Following the completion of the transaction, the chief executive officer now directly owns 28,111 shares in the company, valued at $2,125,191.60. The disclosure for this sale can be found here. Insiders have sold a total of 13,430 shares of company stock valued at $1,015,308 over the last 90 days. 7.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OKTA. GoalVest Advisory LLC grew its position in Okta by 69.4% during the first quarter. GoalVest Advisory LLC now owns 410 shares of the company’s stock valued at $35,000 after acquiring an additional 168 shares during the last quarter. GPS Wealth Strategies Group LLC bought a new position in shares of Okta in the first quarter worth approximately $39,000. Dupont Capital Management Corp grew its holdings in shares of Okta by 350.0% in the second quarter. Dupont Capital Management Corp now owns 576 shares of the company’s stock worth $40,000 after purchasing an additional 448 shares during the last quarter. Alpha Paradigm Partners LLC bought a new position in shares of Okta in the third quarter worth approximately $41,000. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Okta in the fourth quarter worth approximately $42,000. 77.52% of the stock is currently owned by institutional investors.

Okta Company Profile

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's, a suite of products and services is used to manage and secure identities, 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 enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.