Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 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 $0.89 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, Runyan Jonathan T had sold 3,143 shares from its account. In a trade valued at $186,673, the General Counsel and Secretary traded Okta Inc. shares for $59.39 each. Upon closing the transaction, the insider’s holdings decreased to 3,143 shares, worth approximately $22714.78.
As published in their initiating research note from Macquarie on November 02, 2022, Okta Inc. [OKTA] has been a Neutral and the price target has been revised to $60. This represents a 15.12% premium over Wednesday’s closing price. As of October 06, 2022, Evercore ISI has initiated its “an Underperform” rating for OKTA. Earlier on September 23, 2022, Cleveland Research downgraded its rating. Their new recommendation was “a Neutral” for OKTA stock which previously was a “a Buy”.
Analyzing OKTA Stock Performance
On Wednesday, Okta Inc. [NASDAQ: OKTA] plunged -7.40% to $50.93. The stock’s lowest price that day was $50.85, but it reached a high of $54.86 in the same session. During the last five days, there has been a drop of approximately -10.62%. Over the course of the year, Okta Inc. shares have dropped approximately -77.28%. Shares of the company reached a 52-week high of $226.49 on 01/03/22 and a 52-week low of $47.54 on 10/13/22. A 50-day SMA is recorded $61.25, while a 200-day SMA reached $111.56. Nevertheless, trading volume fell to 3.29 million shares from 3.49 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 49.57, which, if violated, would cause prices to drop to 48.20. In the upper region, resistance lies at 53.58. The next price resistance is at 56.22. RSI (Relative Strength Index) is 36.29 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.60, which suggests the price will decrease in the coming days. Percent R is at 82.41%, indicating bearish price movement. Stochastics %K at holding 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 8.93% 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 $729,852,746. BlackRock Fund Advisors reduced a -1.99% interest valued at $323.24 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 $164.83 million.
In terms of Okta Inc. share price expectations, FactSet research, analysts set an average price target of $92.31 in the next 12 months, up nearly 65.45% from the previous closing price of $55.00. Analysts anticipate Okta Inc. stock to reach $145.00 by 2022, with the lowest price target being $45.00. In spite of this, 34 analysts ranked Okta Inc. stock as an Overweight at the end of 2022. On September 22, 2022, MoffettNathanson assigned a price target of “a Sell” to the stock and initiated coverage with a $71.