Okta (NASDAQ:OKTA) Sets New 12-Month High - Here's What Happened

Okta, Inc. (NASDAQ:OKTA - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $117.23 and last traded at $116.63, with a volume of 1009916 shares traded. The stock had previously closed at $113.74.

Analyst Upgrades and Downgrades

Several analysts have recently commented on OKTA shares. Mizuho raised Okta from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $110.00 to $127.00 in a research note on Tuesday, March 4th. Barclays increased their price target on Okta from $105.00 to $115.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 4th. Canaccord Genuity Group upped their target price on shares of Okta from $82.00 to $94.00 and gave the stock a "hold" rating in a research note on Wednesday, December 4th. Robert W. Baird increased their target price on shares of Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Finally, Oppenheimer boosted their price target on shares of Okta from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $115.29.

Okta Stock Down 3.4 %

The company has a market capitalization of $18.66 billion, a P/E ratio of -307.03, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock's fifty day moving average is $99.92 and its 200 day moving average is $85.43.

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Insider Activity at Okta

In other news, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the sale, the insider now directly owns 9,828 shares of the company's stock, valued at $1,117,935. This represents a 37.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the transaction, the insider now owns 24,462 shares of the company's stock, valued at $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 763,901 shares of company stock worth $70,880,205 in the last 90 days. Company insiders own 7.00% of the company's stock.

Institutional Investors Weigh In On Okta

Several large investors have recently bought and sold shares of OKTA. Wellington Management Group LLP raised its holdings in shares of Okta by 68.8% during the fourth quarter. Wellington Management Group LLP now owns 34,042 shares of the company's stock valued at $2,683,000 after purchasing an additional 13,869 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Okta by 52.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company's stock valued at $956,000 after buying an additional 4,171 shares during the last quarter. Fluent Financial LLC bought a new position in shares of Okta during the 4th quarter valued at $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Okta in the 4th quarter worth $8,680,000. Finally, Forum Financial Management LP bought a new position in shares of Okta during the 4th quarter valued at approximately $333,000. 86.64% of the stock is currently owned by institutional investors.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.