Will Okta Inc. ( NASDAQ: OKTA ) Succeeds to Emerge Above $80?

Okta Stock lost over 6% in the weekly trading session.
Okta Inc. is planning to launch new identification for Zoom meeting software.

Okta Inc.(NASDAQ: OKTA) is an American multinational company actively working for the betterment of access and identity management. On April 07, 2023, OKTA Stock was trading at $79.76.

On Friday’s trading session, OKTA stock opened trading at $78.00; lowest traded price was $76.70; highest price was $80.01. The average trading volume of the last 24-hours was 1.903 million.

In the daily trading session, OKTA Stock rose 1.74%, but on a weekly basis, the stock downtrend equals a loss of over 6%.

Okta stock filled the remaining gap but could not surpass the 200-day EMA, facing rejection and switching back toward the support. However, the stock price is taking support at its 50 day EMA and is struggling to maintain neutrality; perhaps, the breakdown below the lower neckline of the rising wedge pattern makes the bearish indication that the price will retest lower swings near $70.

If the price sustains on a 50-day EMA and attempts a bounce, it will reach the resistance mark of $85. On the other hand, if the price continues to slip, it could be the beginning of a downtrend.

Okta Inc. released its quarter four 2022 financial reports on March 01, 2023; the financial reports surprised investors and company users. The quarter four reported revenue suppressed the estimated revenue by over 4% at $510.00 million.

The 52-week trading range of OKTA stock is $44.12-$155.76 (at the time of writing). The company has an overall market capitalization of $12.90 billion. On April 06, 2023, the closing price of OKTA stock was $78.59.

The company estimated it might generate over $ 510.02 million in revenue by the end of the first quarter of 2023. According to the Okta Inc. website, the company generates 75% revenue from the United States, while the remaining 25% is generated from the other regions.

According to the Crunchbase, Okta Inc. is majorly funded by more than 10 investors, including Junipero Capital, Employee Stock Option Fund, Khosla Ventures, Altimeter Capital, Andreessen Horowitz, Sequoia Capital, Greylock and Glynn Capital.

A similar data source reveals that Okta Inc. acquired around six organizations, including SpydrSafe Mobile Security, Stormpath, ScaleFT, Azuqua, Auth0 and atSpoke.

According to Nasdaq(dot)com, there are more than 600 institutional shareholders of Okta Inc., which collectively holds 124,898,153. Some major institutional shareholders include VanGuard Group Inc. (holds 14,043,781); BlackRock Inc. (holds 9,706,282); FMR LLC holds 8,156,975; and Sands Capital Management LLC (holds 6,313,967 shares), among others.

Recently around mid-March, Okta Inc. announced that it had planned to launch a new identification verification feature for Zoom that will authenticate Zoom meeting attendees in End-to-End Encryption.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing