why Okta Inc. [OKTA] is a Good Choice for Investors After New Price Target of $119.24

Okta Inc. [NASDAQ: OKTA] gained 6.65% or 4.03 points to close at $64.63 with a heavy trading volume of 21025374 shares. The company report on September 2, 2022 that Okta to Present at Upcoming Investor Conferences.


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Okta, Inc. (NASDAQ: OKTA), the leading independent identity provider, today announced that members of its management team are scheduled to participate in upcoming investor conferences.

It opened the trading session at $61.86, the shares rose to $66.4989 and dropped to $61.43, the range by which the price of stock traded the whole day. The daily chart for OKTA points out that the company has recorded -59.20% loss over the past six months. However, it is still -11.2% lower than its most recent low trading price.

If we look at the average trading volume of 3.33M shares, OKTA reached to a volume of 21025374 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Okta Inc. [OKTA]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OKTA shares is $119.24 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OKTA stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Guggenheim have made an estimate for Okta Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on September 02, 2022. While these analysts kept the previous recommendation, Stephens raised their target price from $145 to $80. The new note on the price target was released on September 01, 2022, representing the official price target for Okta Inc. stock. On September 01, 2022, analysts decreased their price target for OKTA shares from 150 to 93.

The Average True Range (ATR) for Okta Inc. is set at 7.24, with the Price to Sales ratio for OKTA stock in the period of the last 12 months amounting to 5.97. The Price to Book ratio for the last quarter was 1.87, with the Price to Cash per share for the same quarter was set at 16.74. Price to Free Cash Flow for OKTA in the course of the last twelve months was 276.34 with Quick ratio for the last quarter at 2.40.

Trading performance analysis for OKTA stock

Okta Inc. [OKTA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -30.86. With this latest performance, OKTA shares dropped by -37.90% in over the last four-week period, additionally sinking by -59.20% over the last 6 months – not to mention a drop of -76.22% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OKTA stock in for the last two-week period is set at 26.56, with the RSI for the last a single of trading hit 21.55, and the three-weeks RSI is set at 31.29 for Okta Inc. [OKTA]. The present Moving Average for the last 50 days of trading for this stock 97.26, while it was recorded at 79.52 for the last single week of trading, and 145.94 for the last 200 days.

Okta Inc. [OKTA]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Okta Inc. [OKTA] shares currently have an operating margin of -54.64 and a Gross Margin at +69.51. Okta Inc.’s Net Margin is presently recorded at -65.25.

Return on Equity for this stock declined to -25.65, with Return on Assets sitting at -13.57.

Okta Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.40 and a Current Ratio set at 2.40.

Okta Inc. [OKTA]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OKTA. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Okta Inc. go to 25.00%.

An analysis of insider ownership at Okta Inc. [OKTA]

There are presently around $9,589 million, or 82.80% of OKTA stock, in the hands of institutional investors. The top three institutional holders of OKTA stocks are: GOLDMAN SACHS GROUP INC with ownership of 26,558,580, which is approximately 2189.028% of the company’s market cap and around 0.20% of the total institutional ownership; VANGUARD GROUP INC, holding 13,841,459 shares of the stock with an approximate value of $894.57 million in OKTA stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $829.44 million in OKTA stock with ownership of nearly -7.276% of the company’s market capitalization.

Positions in Okta Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 316 institutional holders increased their position in Okta Inc. [NASDAQ:OKTA] by around 42,198,112 shares. Additionally, 352 investors decreased positions by around 18,323,911 shares, while 85 investors held positions by with 87,841,604 shares. The mentioned changes placed institutional holdings at 148,363,627 shares, according to the latest SEC report filing. OKTA stock had 72 new institutional investments in for a total of 2,212,707 shares, while 146 institutional investors sold positions of 4,151,016 shares during the same period.

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