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

Okta, Inc. (NASDAQ:OKTA) saw unusually large options trading on Friday. Traders acquired 69,526 call options on the company. This is an increase of 245% compared to the average daily volume of 20,159 call options.

Okta Stock Performance

Shares of Okta stock opened at $101.10 on Friday. Okta has a 52 week low of $70.56 and a 52 week high of $127.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a market capitalization of $17.70 billion, a price-to-earnings ratio of 160.48, a PEG ratio of 4.73 and a beta of 0.82. The firm has a fifty day moving average of $102.38 and a two-hundred day moving average of $101.78.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. The company had revenue of $688.00 million for the quarter, compared to analysts’ expectations of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the firm posted $0.65 earnings per share. As a group, equities research analysts predict that Okta will post 0.42 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the company. Wells Fargo & Company lifted their price target on Okta from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, May 28th. Stifel Nicolaus boosted their target price on shares of Okta from $120.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. The Goldman Sachs Group increased their price target on shares of Okta from $123.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, May 28th. Scotiabank lifted their price target on shares of Okta from $109.00 to $115.00 and gave the company a “sector perform” rating in a report on Wednesday, May 28th. Finally, Loop Capital initiated coverage on Okta in a report on Monday, May 5th. They set a “buy” rating and a $140.00 price objective for the company. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $118.61.

Insider Activity at Okta

In related news, insider Eric Robert Kelleher sold 16,018 shares of Okta stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total transaction of $1,470,612.58. Following the completion of the transaction, the insider directly owned 7,044 shares in the company, valued at $646,709.64. The trade was a 69.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 31,592 shares of the firm’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the sale, the chief executive officer directly owned 20,682 shares in the company, valued at $1,970,994.60. This represents a 60.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,594 shares of company stock worth $7,482,790 in the last ninety days. Company insiders own 5.68% of the company’s stock.

Institutional Investors Weigh In On Okta

Several large investors have recently modified their holdings of OKTA. Wolff Wiese Magana LLC grew its stake in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock worth $26,000 after acquiring an additional 154 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in Okta during the second quarter worth $26,000. Wayfinding Financial LLC bought a new position in Okta in the first quarter valued at $27,000. Harbour Investments Inc. increased its stake in Okta by 152.4% in the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock valued at $27,000 after buying an additional 157 shares during the last quarter. Finally, Rossby Financial LCC bought a new stake in Okta during the 1st quarter worth about $31,000. 86.64% of the stock is currently owned by institutional investors.

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.