Morgan Stanley Investment Managem… recently announced the acquisition of new stake in Okta Inc. (NASDAQ:OKTA). The institutional investor has increased its shareholding in the Technology company by 3.50% to 10.74 million shares with purchase of 0.36 million shares. This fresh investment now brings its stake to 9.25% valued currently at $2.15 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.12 million to 10.08 million shares. And Allianz Global Investors U.S. LLC has lifted its position by 0.17% or 4746.0 shares – to 2.72 million shares.
With over 1.05 million Okta Inc. (OKTA) shares trading Friday and a closing price of $220.98 on the day, the dollar volume was approximately $231.78 million. The shares have shown a positive weekly performance of 7.46% and its price on 07/31/20 gained nearly 0.76%. Currently, there are 122.69M common shares owned by the public and among those 114.73M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 23 analysts who have offered their price forecasts for OKTA have a consensus price objective of $205.71. The analysts have set the share’s price value over the next 12 months at a high of $236.00 and a low of $178.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Okta Inc. stock is 2.20 for the next 12 months. The average price target is -8.65% below its last price level and a downside to the estimated low will see the stock lose -24.15% over that period. But an upside of 6.36% will see the stock hit the forecast high price target while mean target price for the stock is $200.00.
Insiders at the company have transacted a total of 126 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 192,802 shares. Insider sales of the common stock occurred on 99 occasions, with total insider shares sold totaling 888,471 shares.
The top 3 mutual fund holders in Okta Inc. are Fidelity Contrafund, Vanguard Total Stock Market Index, and Vanguard Mid Cap Index Fund. Fidelity Contrafund owns 3.95 million shares of the company’s stock, all valued at over $790.97 million. The company sold 66342.0 shares recently to bring their total holdings to about 3.40% of the shares outstanding. Vanguard Total Stock Market Index bought 0.23 million shares to see its total holdings expand to 3.31 million shares valued at over $662.57 million and representing 2.85% of the shares outstanding. Vanguard Mid Cap Index Fund bought 89567.0 shares to bring its total holdings to over 2.87 million shares at a value of $574.86 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.47% of the shares outstanding.
Shares of Okta Inc. (NASDAQ: OKTA) opened at $222.00, up $2.68 from a prior closing price of $219.32. However, the script later closed the day at $220.98, up 0.76%. The company’s stock has a 5-day price change of 7.46% and 48.47% over the past three months. OKTA shares are trading 91.54% year to date (YTD), with the 12-month market performance up to 66.05% higher. It has a 12-month low price of $88.66 and touched a high of $224.90 over the same period. Currently, 1.05 million shares have been traded, compared to an average intraday trading volume of 2.00 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.39%, 11.05%, and 51.81% respectively.
Institutional ownership of Okta Inc. (NASDAQ: OKTA) shares accounts for 82.40% of the company’s 122.69M shares outstanding. Mutual fund holders own 30.69%, while other institutional holders and individual stakeholders account for 50.33% and 2.60% respectively.
It has a market capitalization of $27.69B. The earnings-per-share (ttm) stands at -$1.79. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.71% over the week and 4.43% over the month.
Analysts forecast that Okta Inc. (OKTA) will achieve an EPS of -$0.02 for the current quarter, -$0.06 for the next quarter and -$0.02 for 2022. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was -$0.05 a year ago. Earnings per share for the fiscal year are expected to decrease by -52.70%, and 90.00% over the next financial year. EPS should grow at an annualized rate of 25.00% over the next five years, compared to -22.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 23 brokerage firm advisors rate Okta Inc. (OKTA) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 8 of the 23 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the OKTA, a number of firms have released research notes about the stock. RBC Capital Mkts stated their Outperform rating for the stock in a research note on July 06, 2020, with the firm’s price target at $230. BTIG Research coverage for the Okta Inc. (OKTA) stock in a research note released on June 30, 2020 offered a Neutral rating with a price target of . Canaccord Genuity was of a view on June 12, 2020 that the stock is Hold, while BMO Capital Markets gave the stock Outperform rating on May 29, 2020, issuing a price target of $210- $205. BMO Capital Markets on their part issued Outperform rating on April 13, 2020.