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

Okta (NASDAQ:OKTA) had its price target lifted by Citigroup from $90.00 to $95.00 in a research note issued to investors on Wednesday, Marketbeat reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 13.76% from the stock’s previous close.

Several other analysts also recently commented on the stock. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $92.00 to $97.00 in a research report on Monday. Westpark Capital restated a “buy” rating and issued a $140.00 price target on shares of Okta in a report on Wednesday. Scotiabank decreased their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Piper Sandler increased their price target on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Robert W. Baird lifted their price target on shares of Okta from $95.00 to $105.00 and gave the company an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $103.77.

Okta Stock Performance

NASDAQ OKTA opened at $83.51 on Wednesday. The company has a market capitalization of $14.19 billion, a price-to-earnings ratio of -238.60, a PEG ratio of 20.94 and a beta of 1.00. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The stock has a fifty day simple moving average of $75.37 and a 200 day simple moving average of $84.29. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Buying and Selling at Okta

In related news, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 40.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction 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 represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 607,215 shares of company stock valued at $46,304,810. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP lifted its holdings in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares in the last quarter. Eminence Capital LP increased its position in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares during the period. Primecap Management Co. CA increased its position in shares of Okta by 0.8% during the second quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after buying an additional 10,800 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Okta by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after acquiring an additional 17,950 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Okta by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after acquiring an additional 178,011 shares during the period. 86.64% of the stock is currently 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.