Okta Inc (NASDAQ: OKTA) stock jumped 2.62% on Monday to $72.06 against a previous-day closing price of $70.22. With 1.54 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.66 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $72.22 whereas the lowest price it dropped to was $70.09. The 52-week range on OKTA shows that it touched its highest point at $91.50 and its lowest point at $46.78 during that stretch. It currently has a 1-year price target of $91.75. Beta for the stock currently stands at 0.94.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of OKTA was up-trending over the past week, with a rise of 5.61%, but this was down by -4.64% over a month. Three-month performance surged to 0.95% while six-month performance fell -15.66%. The stock gained 46.85% in the past year, while it has gained 5.46% so far this year. A look at the trailing 12-month EPS for OKTA yields -3.69 with Next year EPS estimates of 1.47. For the next quarter, that number is 0.29. This implies an EPS growth rate of 3029.46% for this year and 25.49% for next year. EPS is expected to grow by 25.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -31.27%.
Float and Shares Shorts:
At present, 154.01 million OKTA shares are outstanding with a float of 153.20 million shares on hand for trading. On Oct 30, 2023, short shares totaled 5.12 million, which was 3.12% higher than short shares on Sep 28, 2023. In addition to Mr. Todd McKinnon as the firm’s Co-Founder, Chairman & CEO, Mr. Brett Tighe serves as its Chief Financial Officer.
Through their ownership of 83.58% of OKTA’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 45.45% of OKTA, in contrast to 36.64% held by mutual funds. Shares owned by individuals account for 1.86%. As the largest shareholder in OKTA with 9.54% of the stake, The Vanguard Group, Inc. holds 14,949,756 shares worth 14,949,756. A second-largest stockholder of OKTA, Fidelity Management & Research Co, holds 12,868,206 shares, controlling over 8.21% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in OKTA, holding 6,333,073 shares or 4.04% stake. With a 3.10% stake in OKTA, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 4,853,048 shares are owned by the mutual fund manager. The Fidelity Select Port. – Technolog, which owns about 2.42% of OKTA stock, is the second-largest Mutual Fund holder. It holds 3,796,035 shares valued at 255.89 million. Vanguard Mid Cap Index Fund holds 2.24% of the stake in OKTA, owning 3,509,150 shares worth 236.55 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for OKTA since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With OKTA analysts setting a high price target of $120.00 and a low target of $64.00, the average target price over the next 12 months is $91.75. Based on these targets, OKTA could surge 66.53% to reach the target high and fall by -11.19% to reach the target low. Reaching the average price target will result in a growth of 27.32% from current levels.
Summary of Insider Activity:
Insiders traded OKTA stock several times over the past three months with 2 Buys and 2 Sells. In these transactions, 9,340 shares were bought while 3,282 shares were sold. The number of buy transactions has increased to 32 while that of sell transactions has risen to 24 over the past year. The total number of shares bought during that period was 46,423 while 11,620 shares were sold.