Truist Financial Reaffirms “Hold” Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “hold” rating reiterated by investment analysts at Truist Financial in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $92.00 target price on the stock, up from their previous target price of $80.00. Truist Financial’s target price indicates a potential upside of 12.59% from the company’s current price.

Several other equities analysts have also recently issued reports on OKTA. UBS Group reduced their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Needham & Company LLC raised their target price on Okta from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada reduced their price target on Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Barclays upped their target price on shares of Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Mizuho decreased their price target on shares of Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $101.59.

Okta Stock Up 1.1 %

Shares of Okta stock opened at $81.71 on Wednesday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The company has a market cap of $13.88 billion, a P/E ratio of -97.27, a PEG ratio of 19.79 and a beta of 1.00. The company’s fifty day simple moving average is $75.15 and its two-hundred day simple moving average is $84.27.

Insider Activity

In other news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the sale, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 475,789 shares of company stock valued at $35,701,361 in the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. purchased a new position in shares of Okta in the third quarter worth $25,000. Future Financial Wealth Managment LLC bought a new stake in Okta in the 3rd quarter valued at $26,000. Blue Trust Inc. lifted its stake in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Okta during the 3rd quarter valued at about $32,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.