Bullish Chart Formation for Okta, Inc. (OKTA) After Forming Bullish Wedge Up Pattern

The stock of Okta, Inc. (OKTA) formed an up wedge with $114.64 target or 8.00 % above today’s $106.15 share price. The 5 months wedge indicates low risk for the $12.11B company. If the $114.64 price target is reached, the company will be worth $968.88M more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 0.99% or $1.04 during the last trading session, reaching $106.15. About 632,177 shares traded. Okta, Inc. (NASDAQ:OKTA) has risen 118.57% since May 8, 2018 and is uptrending. It has outperformed by 114.20% the S&P500.

Analysts await Okta, Inc. (NASDAQ:OKTA) to report earnings on May, 30 after the close. They expect $-0.40 earnings per share, down 73.91 % or $0.17 from last year’s $-0.23 per share. After $-0.24 actual earnings per share reported by Okta, Inc. for the previous quarter, Wall Street now forecasts 66.67 % negative EPS growth.

Okta, Inc. (NASDAQ:OKTA) Ratings Coverage

Among 4 analysts covering Okta (NASDAQ:OKTA), 2 have Buy rating, 0 Sell and 2 Hold. Therefore 50% are positive. Okta had 4 analyst reports since March 4, 2019 according to SRatingsIntel. The rating was downgraded by SunTrust on Monday, March 4 to “Hold”. As per Monday, March 18, the company rating was upgraded by Goldman Sachs. The stock has “Buy” rating by Canaccord Genuity on Wednesday, April 3.

More notable recent Okta, Inc. (NASDAQ:OKTA) news were published by: Fool.com which released: “3 High-Growth Stocks That Are Just Getting Started – Motley Fool” on April 16, 2019, also Benzinga.com with their article: “28 Stocks Moving In Thursday’s Pre-Market Session – Benzinga” published on April 11, 2019, Nasdaq.com published: “Uber, Lyft, Slack, Pinterest, Other Hot IPOs & ETFs: What You Need to Know – Nasdaq” on April 08, 2019. More interesting news about Okta, Inc. (NASDAQ:OKTA) were released by: Nasdaq.com and their article: “1 Top SaaS Stock to Buy in April – Nasdaq” published on April 14, 2019 as well as Businesswire.com‘s news article titled: “Okta Welcomes Diya Jolly as New Chief Product Officer – Business Wire” with publication date: April 30, 2019.

Okta, Inc. operates an integrated system that connects persons via devices. The company has market cap of $12.11 billion. The companyÂ’s identity cloud connects various companies to pre-integrated apps and devices every day. It currently has negative earnings. It offers single sign-on, mobility management, adaptive multi-factor authentication, lifecycle management, and universal directory products for IT customers; and complete authentication, user management, flexible administration, API access management, and developer tools for developers.

Okta, Inc. (NASDAQ:OKTA) Ratings Chart

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