Piper Sandler cuts Okta Inc. [OKTA]’s rating to Neutral

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MRAI Stock
MRAI Stock

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.

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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.


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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.

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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.‎

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