Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Okta Inc. shares valued at $147,414 were sold by Kerrest Jacques Frederic on Sep 16. At $59.39 per share, Kerrest Jacques Frederic sold 2,482 shares. The insider’s holdings dropped to 17,544 shares worth approximately $0.97 million following the completion of this transaction.
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Also, McKinnon Todd sold 3,921 shares, netting a total of over 232,880 in proceeds. Following the sale of shares at $59.39 each, the insider now holds 15,012 shares.
Before that, Tighe Brett had sold 2,844 shares from its account. In a trade valued at $168,914, the Chief Financial Officer traded Okta Inc. shares for $59.39 each. Upon closing the transaction, the insider’s holdings decreased to 2,844 shares, worth approximately $2.01 million.
As published in their initiating research note from MoffettNathanson on September 22, 2022, Okta Inc. [OKTA] has been a Sell and the price target has been revised to $71. This represents a 22.17% premium over Thursday’s closing price. Analysts at Jefferies started covering the stock with ‘”a Buy”‘ outlook in a report released in mid September. As of September 02, 2022, Guggenheim has increased its “Sell” rating to a “Neutral” for OKTA. Earlier on September 01, 2022, Stephens downgraded its rating. Their new recommendation was “an Equal-weight” for OKTA stock which previously was a “an Overweight”.
Analyzing OKTA’s Price Performance
On Thursday, Okta Inc. [NASDAQ: OKTA] plunged -3.00% to $55.26. The stock’s lowest price that day was $55.2201, but it reached a high of $57.16 in the same session. During the last five days, there has been a drop of approximately -11.64%. Over the course of the year, Okta Inc. shares have dropped approximately -75.35%. Shares of the company reached a 52-week high of $226.49 on 01/03/22 and a 52-week low of $55.22 on 09/22/22. A 50-day SMA is recorded $87.50, while a 200-day SMA reached $135.15. Nevertheless, trading volume fell to 3.54 million shares from 5.73 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 54.60, which, if violated, would cause prices to drop to 53.94. In the upper region, resistance lies at 56.54. The next price resistance is at 57.82. RSI (Relative Strength Index) is 25.67 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.96, which suggests the price will decrease in the coming days. Percent R is at 99.65%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Okta Inc. subject to short interest?
Stocks of Okta Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.69 million shares to 7.02 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 6.33 million shares. A jump of 9.83% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.64 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.64.
Which companies own the most shares of Okta Inc. (OKTA)?
According to The Vanguard Group, Inc. filings, the company currently owns 13,560,493 shares, which is about 8.99% of the total OKTA shares outstanding. The investor’s shares have appreciated by 339,293 from its previous 13-F filing of 13221200.0 shares. With the completion of the sale transaction, T. Rowe Price Associates, Inc.’s stake is now worth $1,173,000,546. BlackRock Fund Advisors reduced a -1.99% interest valued at $519.5 million while Fidelity Management & Research Co purchased a 647,579 stake. A total of 2,681,301 shares of Okta Inc. were bought by Wellington Management Co. LLP during the quarter, and 1,186,249 were bought by First Trust Advisors LP. In its current portfolio, SSgA Funds Management, Inc. holds 2,898,370 shares valued at $264.91 million.
In terms of Okta Inc. share price expectations, FactSet research, analysts set an average price target of $102.41 in the next 12 months, up nearly 75.53% from the previous closing price of $56.97. Analysts anticipate Okta Inc. stock to reach $145.00 by 2022, with the lowest price target being $65.00. In spite of this, 32 analysts ranked Okta Inc. stock as an Overweight at the end of 2022.