Piper Sandler took its Okta [OKTA] rating to the equivalent of Neutral from Overweight, in a research note dated 2021-01-05. Some new analysts also started their coverage, with RBC Capital Mkts’s analysts assigning the shares to “an Outperform” rating in a research note to investors issued in early July. Meanwhile, BTIG Research had lowered its rating on OKTA to “Neutral” from the earlier “Buy”, in a research note produced for clients June 30, 2020.
Is Okta Inc. [NASDAQ:OKTA] a Good Buy Right Now?
It should be noted that OKTA technical indicators for short, intermediate as well as long term progress have placed an overall average of 88% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Okta Inc.’s Trend Spotter indicated that the signals were Weakest. The stock current average is 1.93 million shares in the past 20 days and the short term average signal indicates a 50% Buy. In the last 50 days, the average trading volume was 1.56 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 1.51 million shares.
OKTA Price Performance
On Wall Street, Okta Inc. [NASDAQ:OKTA] finished Monday’s session down -1.41% at $250.67. The stock went up to $259.59 at the same session while its lowest single day price was $246.03. In the last five days, it saw a fall of about -9.05%, Okta Inc. shares dropped by almost -1.41% since the beginning of the year. However, the share price has dropped to as low as -12.76% below its one year high. On 01/04/21, the company shares recorded $259.59, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $246.03. The company’s shares have inclined by 111.91% in the past year. The 50-day SMA achieved is $238.67 while the 200-day SMA is $202.34. Volume gained to 2.19 million from 1.6 million in the previous session.
OKTA Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 244.60 level, and in case of violation of this particular level, it will cause more drop to 238.54 level. On the upper level, 265.66 is still the key resistance. The stock may increase to the subsequent resistance at 258.16. The Relative Strength Index (RSI) pinned on the 14-day chart is 47.90, implying a neutral technical stance while the MACD stands at -9.78, meaning price will decrease in the next trading period. Percent R indicator moved to 88.77%, implying bearish price movement. Stochastic %K at 19.93% suggest selling the stock.
What is the short interest in Okta Inc.?
Short interest in the Okta Inc. stock has surged, increasing by 2.05 million shares to total 5.03 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 7.08 million, data from Yahoo Finance shows. The decrease of -40.76% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 4.20% of the overall float for the stock.
Okta Inc.’s Biggest Shareholders: Who Owns Okta Inc. [OKTA]?
Filings by Morgan Stanley Investment Managem showed that the firm now holds a total of 12,531,324 shares or roughly 10.45% of the outstanding OKTA shares. This means their shares have increased by 1,095,370 from the 12,531,324 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, The Vanguard Group, Inc. updated stake is worth $2,555,572,883. Details in the latest 13F filings reveal that Fidelity Management & Research Co disposed off their -1.53% stake valued at $2,288,493,496 while BlackRock Fund Advisors cut theirs at $1,217,734,856. During the last quarter, Fidelity Management & Research Co liquidated -145,157 of its shares in Okta Inc. while BlackRock Fund Advisors sold -165,313 shares. The T. Rowe Price Associates, Inc.’s holdings currently number 4,177,420 shares at $1047153871.4. According to the firm’s last 13F report, SSgA Funds Management, Inc. shares in the company at filing stood at 2,425,753 shares, roughly $594,406,515.
OKTA Earnings Forecast For The Current Quarter
Okta Inc. [OKTA] is expected to report strong earnings results for the quarter ending on Jan 2021. Consensus estimates give the company expected revenues of $221.73M and an earnings per share of -$0.01 for Jan 2021. Looking further ahead, the company is expected to report revenue of $241.9M at an EPS of -$0.07 for Apr 2021. The estimates represent upside of 32.50% and -78.26% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
OKTA Earnings Estimates For The Current Year
For the financial year, Okta Inc. [NASDAQ:OKTA] is expected to bring in revenue of $822.59M. The returns are nearly $236.52 million higher than the company’s actual revenue recorded in the fiscal year 2020. In terms of EPS for the 2021, estimate put it at 0.05, higher than that of FY20 by $0.36. Estimates put this year’s earnings growth at 116.10%, -80.00% for the next, and at an annual 25.00% over the next 5-year period. As for sales, forecasts are for an increase of 40.40% in the current fiscal year and a further 32.50% over the following year.