Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Piper Sandler Analyst Says

Okta (NASDAQ:OKTA) had its price objective upped by Piper Sandler from $85.00 to $90.00 in a research note published on Wednesday morning, Marketbeat.com reports. They currently have a neutral rating on the stock.

Several other research analysts have also commented on OKTA. Stifel Nicolaus boosted their price target on Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company cut their price objective on Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Thursday, October 17th. Mizuho lowered their target price on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Susquehanna increased their price target on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, BMO Capital Markets raised their target price on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $103.07.

Okta Stock Performance

NASDAQ OKTA opened at $86.11 on Wednesday. The business’s 50 day moving average price is $75.15 and its 200-day moving average price is $84.27. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The company has a market cap of $14.63 billion, a P/E ratio of -246.03, a P/E/G ratio of 19.79 and a beta of 1.00.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 95.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 607,215 shares of company stock worth $46,304,810. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP raised its position in shares of Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares in the last quarter. Eminence Capital LP grew its holdings in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares during the last quarter. Primecap Management Co. CA grew its holdings in Okta by 0.8% during the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after acquiring an additional 10,800 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Okta by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after acquiring an additional 17,950 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Okta by 20.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after purchasing an additional 178,011 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.