Investors Buy Large Volume of Call Options on Okta (NASDAQ:OKTA)

Okta, Inc. (NASDAQ:OKTA) saw some unusual options trading activity on Monday. Investors purchased 34,505 call options on the company. This represents an increase of approximately 63% compared to the average daily volume of 21,109 call options.

Okta Trading Up 2.3 %

Shares of Okta stock opened at $116.38 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 52 week low of $70.56 and a 52 week high of $118.07. The stock has a 50 day moving average price of $98.14 and a two-hundred day moving average price of $84.73. The stock has a market capitalization of $20.20 billion, a PE ratio of -332.51, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

Analyst Upgrades and Downgrades

OKTA has been the topic of several research reports. Royal Bank of Canada upped their price objective on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Jefferies Financial Group upped their price target on Okta from $90.00 to $110.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Oppenheimer lifted their price objective on Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Mizuho upgraded shares of Okta from a “neutral” rating to an “outperform” rating and upped their target price for the company from $110.00 to $127.00 in a research report on Tuesday, March 4th. Finally, Canaccord Genuity Group raised their target price on shares of Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. One equities research 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.29.

Insider Activity

In other news, 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 value of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brett Tighe sold 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the transaction, the chief financial officer now directly owns 112,533 shares in the company, valued at approximately $10,015,437. This represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 763,901 shares of company stock worth $70,880,205. 7.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Okta during the 4th quarter valued at $234,992,000. Ameriprise Financial Inc. raised its stake in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after purchasing an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. increased its position in shares of Okta by 2,309.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock valued at $139,693,000 after buying an additional 1,699,176 shares during the period. Point72 Asset Management L.P. increased its position in shares of Okta by 236.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after buying an additional 1,572,786 shares during the period. Finally, Sachem Head Capital Management LP purchased a new stake in shares of Okta in the fourth quarter worth about $105,592,000. 86.64% of the stock is owned by hedge funds and other 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.