Stock Traders Buy High Volume of Okta Call Options (NASDAQ:OKTA)

Okta, Inc. (NASDAQ:OKTA) was the target of some unusual options trading activity on Wednesday. Stock investors acquired 74,704 call options on the stock. This represents an increase of 512% compared to the average volume of 12,204 call options.

Wall Street Analyst Weigh In

OKTA has been the subject of several recent analyst reports. Canaccord Genuity Group upped their price target on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a report on Wednesday. Needham & Company LLC upped their price target on shares of Okta from $100.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup upped their price target on shares of Okta from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and reduced their price target for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Finally, Sanford C. Bernstein upped their price target on shares of Okta from $116.00 to $123.00 and gave the company a “market perform” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $103.07.

Okta Trading Up 5.4 %

OKTA traded up $4.40 during trading on Wednesday, reaching $86.11. 12,473,466 shares of the company’s stock were exchanged, compared to its average volume of 2,044,000. Okta has a one year low of $70.56 and a one year high of $114.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $14.63 billion, a PE ratio of -102.51, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00. The firm has a fifty day moving average price of $75.15 and a two-hundred day moving average price of $84.27.

Insider Activity

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. The trade was a 40.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 475,789 shares of company stock worth $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Marshall Wace LLP grew its stake in shares of Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Eminence Capital LP grew its stake in shares of Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of Okta by 0.8% in the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after acquiring an additional 10,800 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Okta by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after acquiring an additional 17,950 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Okta by 20.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock worth $96,388,000 after acquiring an additional 178,011 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Company Profile

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.