Okta Sees Unusually Large Options Volume (OKTA)

Okta Inc (NASDAQ:OKTA) was the recipient of unusually large options trading activity on Tuesday. Investors purchased 12,191 call options on the company. This is an increase of 733% compared to the average volume of 1,464 call options.

A number of equities analysts have weighed in on the stock. Robert W. Baird assumed coverage on shares of Okta in a research report on Wednesday, October 17th. They set a “neutral” rating and a $65.00 price objective for the company. BidaskClub cut shares of Okta from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. Canaccord Genuity upped their price objective on shares of Okta from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, September 7th. Needham & Company LLC upped their price objective on shares of Okta from $58.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, September 7th. Finally, Deutsche Bank upped their price objective on shares of Okta to $75.00 and gave the stock a “buy” rating in a research report on Friday, September 7th. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $68.50.

In other Okta news, CFO William E. Losch sold 20,000 shares of the company’s stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $56.92, for a total transaction of $1,138,400.00. Following the completion of the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at $1,138,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Benjamin A. Horowitz sold 270,465 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $72.66, for a total transaction of $19,651,986.90. Following the transaction, the director now owns 11,765 shares of the company’s stock, valued at $854,844.90. The disclosure for this sale can be found here. Insiders have sold 386,642 shares of company stock worth $26,976,425 over the last three months. 20.59% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. HL Financial Services LLC raised its position in shares of Okta by 4.7% in the second quarter. HL Financial Services LLC now owns 20,447 shares of the company’s stock valued at $1,030,000 after buying an additional 918 shares during the last quarter. Teachers Advisors LLC increased its position in Okta by 1.0% during the third quarter. Teachers Advisors LLC now owns 100,311 shares of the company’s stock worth $7,058,000 after purchasing an additional 954 shares during the last quarter. Bank Hapoalim BM increased its position in Okta by 8.7% during the second quarter. Bank Hapoalim BM now owns 12,120 shares of the company’s stock worth $610,000 after purchasing an additional 965 shares during the last quarter. First Mercantile Trust Co. increased its position in Okta by 11.0% during the third quarter. First Mercantile Trust Co. now owns 11,100 shares of the company’s stock worth $781,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its position in Okta by 75.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,675 shares of the company’s stock worth $188,000 after purchasing an additional 1,150 shares during the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.

Shares of NASDAQ OKTA opened at $47.82 on Wednesday. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.08. Okta has a 52 week low of $24.93 and a 52 week high of $75.49.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, September 6th. The company reported ($0.15) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.36) by $0.21. The business had revenue of $94.59 million during the quarter, compared to analysts’ expectations of $85.00 million. Okta had a negative net margin of 38.13% and a negative return on equity of 56.91%. The company’s quarterly revenue was up 57.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.16) earnings per share. As a group, analysts anticipate that Okta will post -1.12 EPS for the current year.

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About Okta

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.

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