The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Okta Inc shares valued at $445,615 were sold by Ninan Shibu on Mar 19 ’24. At $104.14 per share, Ninan Shibu sold 4,279 shares. The insider’s holdings dropped to 4,111 shares worth approximately $0.41 million following the completion of this transaction.
Also, ARCHAMBEAU SHELLYE L sold 5,000 shares, netting a total of over 534,812 in proceeds. Following the sale of shares at $106.96 each, the insider now holds 6,042 shares.
Before that, Ninan Shibu had sold 2,500 shares from its account. In a trade valued at $225,575, the Chief Accounting Officer traded Okta Inc shares for $90.23 each. Upon closing the transaction, the insider’s holdings decreased to 2,500 shares, worth approximately $0.65 million.
As published in a research note from BofA Securities on February 29, 2024, Okta Inc [OKTA] has been rated up from an Underperform to a Buy and the price target has been revised to $135. Analysts at Mizuho downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early January. As of January 05, 2024, Jefferies has decreased its “Buy” rating to a “Hold” for OKTA. Earlier on December 15, 2023, Susquehanna initiated its rating. Their recommendation was “a Neutral” for OKTA stock.
Analyzing OKTA Stock Performance
During the last five days, there has been a drop of approximately -2.65%. Over the course of the year, Okta Inc shares have jumped approximately 9.85%. Shares of the company reached a 52-week high of $114.50 on 03/08/24 and a 52-week low of $79.35 on 02/21/24. A 50-day SMA is recorded $96.85, while a 200-day SMA reached $81.84. Nevertheless, trading volume fell to 0.95 million shares from 0.63 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 98.56, which, if violated, would cause prices to drop to 97.66. In the upper region, resistance lies at 100.41. The next price resistance is at 101.36. RSI (Relative Strength Index) is 44.00 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.39, which suggests the price will decrease in the coming days. Percent R is at 91.64%, 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 Mar 15, 2024 dropping by -0.33 million shares to 2.99 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 3.32 million shares. A decline of -11.04% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 0.86 of the overall float, the days-to-cover ratio (short ratio) decline to 0.86.
