Market Analysts see Okta Inc. [OKTA] gaining to $65. Time to buy?

Okta Inc. [NASDAQ: OKTA] plunged by -$0.23 during the normal trading session on Wednesday and reaching a high of $63.88 during the day while it closed the day at $61.66. The company report on November 30, 2022 that Okta Announces Third Quarter Fiscal Year 2023 Financial Results.

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Q3 revenue grew 37% year-over-year; subscription revenue grew 38% year-over-year.

Remaining performance obligations (RPO) grew 21% year-over-year to $2.85 billion; current remaining performance obligations (cRPO) grew 34% year-over-year to $1.58 billion.

Okta Inc. stock has also gained 15.64% of its value over the past 7 days. However, OKTA stock has declined by -1.61% in the 3 months of the year. Over the past six months meanwhile, it has lost -39.66% and lost -72.49% year-on date.

The market cap for OKTA stock reached $10.15 billion, with 158.71 million shares outstanding and 143.84 million shares in the current float. Compared to the average trading volume of 4.59M shares, OKTA reached a trading volume of 4454388 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say 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 $78.94 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 2.20. 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 Buy, with their previous recommendation back on November 07, 2022. While these analysts kept the previous recommendation, Macquarie raised their target price to Neutral. The new note on the price target was released on November 02, 2022, representing the official price target for Okta Inc. stock. Previously, the target price had yet another raise to $92, while Robert W. Baird analysts kept a Outperform rating on OKTA stock.

The Average True Range (ATR) for Okta Inc. is set at 3.81, with the Price to Sales ratio for OKTA stock in the period of the last 12 months amounting to 5.86. The Price to Book ratio for the last quarter was 1.81, with the Price to Cash per share for the same quarter was set at 15.02. Price to Free Cash Flow for OKTA in the course of the last twelve months was 1371.60 with Quick ratio for the last quarter at 2.30.

OKTA stock trade performance evaluation

Okta Inc. [OKTA] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 15.64. With this latest performance, OKTA shares gained by 30.52% in over the last four-week period, additionally sinking by -39.66% over the last 6 months – not to mention a drop of -73.24% 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 60.51, with the RSI for the last a single of trading hit 63.85, and the three-weeks RSI is set at 56.66 for Okta Inc. [OKTA]. The present Moving Average for the last 50 days of trading for this stock 53.82, while it was recorded at 63.60 for the last single week of trading, and 95.39 for the last 200 days.

Okta Inc. [OKTA]: An insightful look at the core fundamentals

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 2.30 and a Current Ratio set at 2.30.

Earnings per share (EPS) analysis for Okta Inc. [OKTA] stock

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%.

Okta Inc. [OKTA]: Insider Ownership positions

There are presently around $7,314 million, or 82.00% of OKTA stock, in the hands of institutional investors. The top three institutional holders of OKTA stocks are: VANGUARD GROUP INC with ownership of 14,079,420, which is approximately 1.719% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 9,968,515 shares of the stock with an approximate value of $614.66 million in OKTA stocks shares; and FMR LLC, currently with $542.7 million in OKTA stock with ownership of nearly 87.419% of the company’s market capitalization.

Positions in Okta Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 319 institutional holders increased their position in Okta Inc. [NASDAQ:OKTA] by around 26,198,191 shares. Additionally, 265 investors decreased positions by around 53,421,936 shares, while 92 investors held positions by with 38,997,181 shares. The mentioned changes placed institutional holdings at 118,617,308 shares, according to the latest SEC report filing. OKTA stock had 77 new institutional investments in for a total of 5,303,103 shares, while 106 institutional investors sold positions of 3,701,878 shares during the same period.

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