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

Okta, Inc. (NASDAQ:OKTA) was the recipient of unusually large options trading activity on Wednesday. Stock investors acquired 74,704 call options on the company. This represents an increase of approximately 512% compared to the typical volume of 12,204 call options.

Insiders Place Their Bets

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the transaction, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock worth $35,701,361 over the last quarter. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Paloma Partners Management Co bought a new position in shares of Okta in the third quarter worth approximately $969,000. SG Americas Securities LLC boosted its holdings in Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after acquiring an additional 9,364 shares in the last quarter. Truist Financial Corp boosted its holdings in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after acquiring an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Okta by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after acquiring an additional 8,239 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OKTA. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $97.00 in a report on Monday. Guggenheim reissued a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Wednesday. Robert W. Baird increased their price target on shares of Okta from $95.00 to $105.00 and gave the stock an “outperform” rating in a report on Wednesday. DA Davidson increased their price target on shares of Okta from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Wells Fargo & Company lowered their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Okta has a consensus rating of “Hold” and an average target price of $103.07.

Okta Trading Up 5.4 %

Shares of Okta stock traded up $4.40 on Wednesday, hitting $86.11. The stock had a trading volume of 12,473,466 shares, compared to its average volume of 2,044,000. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a one year low of $70.56 and a one year high of $114.50. The stock has a market cap of $14.63 billion, a price-to-earnings ratio of -102.51, a PEG ratio of 19.79 and a beta of 1.00. The stock’s 50-day simple moving average is $75.15 and its two-hundred day simple moving average is $84.27.

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.