Okta Inc. [NASDAQ: OKTA] gained 2.96% or 2.03 points to close at $70.52 with a heavy trading volume of 6199330 shares. 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.
It opened the trading session at $73.08, the shares rose to $74.18 and dropped to $68.10, the range by which the price of stock traded the whole day. The daily chart for OKTA points out that the company has recorded -13.44% loss over the past six months. However, it is still -59.84% lower than its most recent low trading price.
If we look at the average trading volume of 4.41M shares, OKTA reached to a volume of 6199330 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 $78.90 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.
Cowen have made an estimate for Okta Inc. shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on December 13, 2022. The new note on the price target was released on November 07, 2022, representing the official price target for Okta Inc. stock. Previously, the target price had yet another raise to $60, while Macquarie analysts kept a Neutral rating on OKTA stock.
The Average True Range (ATR) for Okta Inc. is set at 4.04, with the Price to Sales ratio for OKTA stock in the period of the last 12 months amounting to 6.47. The Price to Book ratio for the last quarter was 2.07, with the Price to Cash per share for the same quarter was set at 15.58. Price to Free Cash Flow for OKTA in the course of the last twelve months was 1512.27 with Quick ratio for the last quarter at 2.30.
Trading performance analysis for OKTA stock
Okta Inc. [OKTA] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 13.94. With this latest performance, OKTA shares gained by 29.75% in over the last four-week period, additionally sinking by -13.44% over the last 6 months – not to mention a drop of -68.22% 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 70.45, with the RSI for the last a single of trading hit 77.00, and the three-weeks RSI is set at 64.65 for Okta Inc. [OKTA]. The present Moving Average for the last 50 days of trading for this stock 54.62, while it was recorded at 65.78 for the last single week of trading, and 93.26 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 2.30 and a Current Ratio set at 2.30.
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 $8,365 million, or 81.50% 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 $702.98 million in OKTA stocks shares; and FMR LLC, currently with $620.68 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 26,199,345 shares. Additionally, 266 investors decreased positions by around 53,422,341 shares, while 92 investors held positions by with 38,998,199 shares. The mentioned changes placed institutional holdings at 118,619,885 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 107 institutional investors sold positions of 3,702,283 shares during the same period.