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BofA Securities gives a Buy recommendation for Okta Inc (OKTA)

Okta Inc’s recent filing unveils that its Chief Accounting Officer Ninan Shibu unloaded Company’s shares for reported $0.45 million on Mar 19 ’24. In the deal valued at $104.14 per share,4,279 shares were sold. As a result of this transaction, Ninan Shibu now holds 4,111 shares worth roughly $0.4 million.

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Then, ARCHAMBEAU SHELLYE L sold 5,000 shares, generating $534,812 in total proceeds. Upon selling the shares at $106.96, the Director now owns 6,042 shares.

Before that, Ninan Shibu sold 2,500 shares. Okta Inc shares valued at $225,575 were divested by the Chief Accounting Officer at a price of $90.23 per share. As a result of the transaction, Ninan Shibu now holds 6,539 shares, worth roughly $0.64 million.

BofA Securities upgraded its Okta Inc [OKTA] rating to a Buy from a an Underperform in a research note published recently. A number of analysts have revised their coverage, including Mizuho’s analysts, who decreased its forecast for the stock in early January from “a Buy” to “a Neutral”. Jefferies also remained covering OKTA and has decreased its forecast on January 05, 2024 with a “Hold” recommendation from previously “Buy” rating. Susquehanna started covering the stock on December 15, 2023. It rated OKTA as “a Neutral”.

Price Performance Review of OKTA

On Tuesday, Okta Inc [NASDAQ:OKTA] saw its stock fall -0.52% to $97.89. Over the last five days, the stock has lost -0.68%. Okta Inc shares have risen nearly 8.13% since the year began. Nevertheless, the stocks have risen 28.01% over the past one year. While a 52-week high of $114.50 was reached on 03/08/24, a 52-week low of $65.04 was recorded on 02/21/24. SMA at 50 days reached $100.57, while 200 days put it at $84.86. A total of 0.91 million shares were traded, compared to the trading of 1.52 million shares in the previous session.

Levels Of Support And Resistance For OKTA Stock

The 24-hour chart illustrates a support level at 97.08, which if violated will result in even more drops to 96.26. On the upside, there is a resistance level at 99.14. A further resistance level may holdings at 100.38. The Relative Strength Index (RSI) on the 14-day chart is 52.95, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.91, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 19.64%. Stochastics %K at 80.51% indicates the stock is a selling.

The most recent change occurred on November 30, 2023 when BMO Capital Markets resumed its ‘”a Market perform”‘ rating for the stock and retained the price target to $80.

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