Insider Sale Alert: Okta Inc. [OKTA] – Is it Time to sell?


In a filing, Okta Inc. revealed its Chief Executive Officer McKinnon Todd unloaded Company’s shares for reported $0.52 million on Jun 16. In the deal valued at $75.60 per share,6,897 shares were sold. As a result of this transaction, McKinnon Todd now holds 28,111 shares worth roughly $ 2.45 million.

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Then, Tighe Brett sold 4,380 shares, generating $331,126 in total proceeds. Upon selling the shares at $75.60, the Chief Financial Officer now owns 48,516 shares.

Before that, Schwartz Larissa sold 1,958 shares. Okta Inc. shares valued at $148,024 were divested by the insider at a price of $75.60 per share. As a result of the transaction, Schwartz Larissa now holds 20,522 shares, worth roughly $1.79 million.

Evercore ISI upgraded its Okta Inc. [OKTA] rating to an In-line from a an Underperform in a research note published on Tuesday, August 31, 2023; the price target was increased to $75 from $65. PT values the company’s stock at a premium of -16.23 to its Tuesday closing price.

Price Performance Review of OKTA

On Tuesday, Okta Inc. [NASDAQ:OKTA] saw its stock jump 1.17% to $87.17. On the same session, the stock had its day’s lowest price of $85.27, but rose to a high of $88.8255. Over the last five days, the stock has gained 20.87%. Okta Inc. shares have risen nearly 27.57% since the year began. Nevertheless, the stocks have risen 43.84% over the past one year. While a 52-week high of $91.50 was reached on 05/31/23, a 52-week low of $44.12 was recorded on 01/12/23. SMA at 50 days reached $72.24, while 200 days put it at $72.94. A total of 4.68 million shares were traded, compared to the trading of 4.48 million shares in the previous session.

Levels Of Support And Resistance For OKTA Stock

The 24-hour chart illustrates a support level at 85.35, which if violated will result in even more drops to 83.53. On the upside, there is a resistance level at 88.91. A further resistance level may holdings at 90.64. The Relative Strength Index (RSI) on the 14-day chart is 76.47, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 10.57, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 8.26%. Stochastics %K at 95.38% indicates the stock is a selling.

How much short interest is there in Okta Inc.?

A steep rise in short interest was recorded in Okta Inc. stocks on Aug 14, 2023, dropping by -0.68 million shares to a total of 5.88 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 6.56 million shares. There was a decline of -11.56%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 3.81% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.14.

Okta Inc. [OKTA] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 14,830,672 shares, or roughly 9.56% of the outstanding OKTA shares. In other words, the investor’s shares have risen by 413,781 from its previous 13-F filing of 14416891.0. Additionally, Fidelity Management & Research Co increased 51.27% of its stake after which the total value it holdings stand at $913,773,091, while BlackRock Fund Advisors added 1.78% of its stake to hold $491.05 million in the firm. Over the last quarter, Sands Capital Management LLC sold -74,166 shares of Okta Inc., while Wellington Management Co. LLP sold 112,343 shares. At present, Champlain Investment Partners LLC is holding 4,159,017 shares valued at $319.66 million. American Century Investment Manag owned 3,301,007 shares of the company at the time of its most recent 13F filing, worth $253.72 million.

According to FactSet, Okta Inc.’s share price will average $94.30 in the next year, based on opinions of analysts polled by the firm. This is up nearly 10.26 percent from its previous closing price of $86.16. Analysts expect Okta Inc. stock to reach the higher price of $120.00, while the lowest price estimate is $64.00. However, 42 analysts have rated OKTA stock as an Overweight in their predictions for 2023.


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