Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Okta Inc. shares valued at $698 were sold by Runyan Jonathan T on Jan 17. At $69.77 per share, Runyan Jonathan T sold 10 shares. The insider’s holdings dropped to 72,210 shares worth approximately $5.16 million following the completion of this transaction.
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Also, McKinnon Todd sold 3,771 shares, netting a total of over 254,214 in proceeds. Following the sale of shares at $67.41 each, the insider now holds 18,662 shares.
Before that, Runyan Jonathan T had sold 3,022 shares from its account. In a trade valued at $203,722, the General Counsel and Secretary traded Okta Inc. shares for $67.41 each. Upon closing the transaction, the insider’s holdings decreased to 3,022 shares, worth approximately $33219.6.
As published in their initiating research note from Goldman on February 14, 2023, Okta Inc. [OKTA] has been a Sell and the price target has been revised to $70. This represents a -2.06% premium over Wednesday’s closing price. Analysts at BofA Securities started covering the stock with ‘”an Underperform”‘ outlook in a report released in mid February. As of February 02, 2023, Needham has increased its “Hold” rating to a “Buy” for OKTA. Earlier on January 30, 2023, Stifel upgraded its rating. Their new recommendation was “a Buy” for OKTA stock which previously was a “a Hold”.
Analyzing OKTA Stock Performance
On Wednesday, Okta Inc. [NASDAQ: OKTA] rose 0.21% to $71.44. The stock’s lowest price that day was $70.60, but it reached a high of $72.64 in the same session. During the last five days, there has been a drop of approximately -1.54%. Over the course of the year, Okta Inc. shares have jumped approximately 4.55%. Shares of the company reached a 52-week high of $82.10 on 02/02/23 and a 52-week low of $62.40 on 01/12/23. A 50-day SMA is recorded $71.03, while a 200-day SMA reached $74.54. Nevertheless, trading volume fell to 3.42 million shares from 1.62 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 70.48, which, if violated, would cause prices to drop to 69.52. In the upper region, resistance lies at 72.52. The next price resistance is at 73.60. RSI (Relative Strength Index) is 46.14 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.75, which suggests the price will decrease in the coming days. Percent R is at 84.84%, 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 steep in short interest on Jan 30, 2023 dropping by -0.47 million shares to 5.44 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 5.91 million shares. A decline of -8.64% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.06 of the overall float, the days-to-cover ratio (short ratio) decline to 2.06.
Which companies own the most shares of Okta Inc. (OKTA)?
According to The Vanguard Group, Inc. filings, the company currently owns 13,722,421 shares, which is about 8.98% of the total OKTA shares outstanding. The investor’s shares have plunged by -46,873 from its previous 13-F filing of 13769294.0 shares. With the completion of the sale transaction, Fidelity Management & Research Co’s stake is now worth $527,797,612. Sands Capital Management LLC acquire a 158.02% interest valued at $464.77 million while BlackRock Fund Advisors purchased a 563,035 stake. A total of 501,235 shares of Okta Inc. were bought by Wellington Management Co. LLP during the quarter, and 83,072 were bought by First Trust Advisors LP. In its current portfolio, SSgA Funds Management, Inc. holds 3,228,486 shares valued at $237.65 million.
In terms of Okta Inc. share price expectations, FactSet research, analysts set an average price target of $80.36 in the next 12 months, up nearly 15.72% from the previous closing price of $71.29. Analysts anticipate Okta Inc. stock to reach $110.00 by 2023, with the lowest price target being $45.00. In spite of this, 41 analysts ranked Okta Inc. stock as an Overweight at the end of 2023. On January 24, 2023, JP Morgan assigned a price target of “an Overweight” to the stock and initiated coverage with a $90.