Sunday, June 26, 2022

Insider Selling: Tighe Brett, Okta Inc. [OKTA] Chief Financial Officer divested 5,913 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Okta Inc. shares valued at $472,883 were sold by Tighe Brett on Jun 16. At $79.97 per share, Tighe Brett sold 5,913 shares. The insider’s holdings dropped to 31,189 shares worth approximately $2.68 million following the completion of this transaction.

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Also, St. Ledger Susan sold 2,660 shares, netting a total of over 212,729 in proceeds. Following the sale of shares at $79.97 each, the insider now holds 36,641 shares.

Before that, Runyan Jonathan T had sold 2,933 shares from its account. In a trade valued at $234,562, the General Counsel and Secretary traded Okta Inc. shares for $79.97 each. Upon closing the transaction, the insider’s holdings decreased to 2,933 shares, worth approximately $50493.74.

As published in their initiating research note from Stephens on May 26, 2022, Okta Inc. [OKTA] has been an Overweight and the price target has been revised to $145. This represents a 40.68% premium over Wednesday’s closing price. Analysts at Raymond James downgraded the stock from ‘”an Outperform”‘ to ‘”a Mkt perform”‘ outlook in a report released in late March. As of March 22, 2022, Truist has decreased its “Buy” rating to a “Hold” for OKTA. Earlier on March 08, 2022, Mizuho upgraded its rating. Their new recommendation was “a Buy” for OKTA stock which previously was a “a Neutral”.

Analyzing OKTA’s Price Performance

On Wednesday, Okta Inc. [NASDAQ: OKTA] rose 2.26% to $86.02. The stock’s lowest price that day was $82.30, but it reached a high of $87.74 in the same session. During the last five days, there has been a surge of approximately 5.58%. Over the course of the year, Okta Inc. shares have dropped approximately -61.63%. Shares of the company reached a 52-week high of $226.49 on 01/03/22 and a 52-week low of $77.01 on 05/24/22. A 50-day SMA is recorded $104.41, while a 200-day SMA reached $185.12. Nevertheless, trading volume fell to 2.08 million shares from 2.63 million shares the previous day.

Support And Resistance Levels for Okta Inc. (OKTA)

According to the 24-hour chart, there is a support level at 82.97, which, if violated, would cause prices to drop to 79.91. In the upper region, resistance lies at 88.41. The next price resistance is at 90.79. RSI (Relative Strength Index) is 44.87 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -5.37, which suggests the price will decrease in the coming days. Percent R is at 75.87%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of Okta Inc. (OKTA)?

According to T. Rowe Price Associates, Inc. filings, the company currently owns 13,840,810 shares, which is about 9.24% of the total OKTA shares outstanding. The investor’s shares have appreciated by 2,950,834 from its previous 13-F filing of 10889976.0 shares. With the completion of the buy, The Vanguard Group, Inc.’s stake is now worth $1,098,020,660. BlackRock Fund Advisors acquire a 2.52% interest valued at $481.6 million while Fidelity Management & Research Co purchased a 1,286,420 stake. A total of 137,891 shares of Okta Inc. were bought by BlackRock Advisors LLC during the quarter, and 110,809 were bought by SSgA Funds Management, Inc. In its current portfolio, Capital Research & Management Co holds 2,817,700 shares valued at $234.01 million.

In terms of Okta Inc. share price expectations, FactSet research, analysts set an average price target of $148.96 in the next 12 months, up nearly 78.32% from the previous closing price of $84.12. Analysts anticipate Okta Inc. stock to reach $195.00 by 2022, with the lowest price target being $115.00. In spite of this, 29 analysts ranked Okta Inc. stock as a Buy at the end of 2022. On March 03, 2022, Wolfe Research assigned a price target of “an Outperform” to the stock and reiterated coverage with a $225.

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