Okta (NASDAQ:OKTA) Price Target Raised to $115.00

Okta (NASDAQ:OKTA) had its target price boosted by Stifel Nicolaus from $108.00 to $115.00 in a report published on Wednesday morning, MarketBeat.com reports. They currently have a buy rating on the stock.

Several other research analysts have also weighed in on OKTA. UBS Group lowered their price objective on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Morgan Stanley raised Okta from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $92.00 to $97.00 in a research report on Monday, December 2nd. BTIG Research cut their price objective on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research report on Thursday, October 17th. Canaccord Genuity Group decreased their target price on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a report on Friday, October 18th. Finally, Susquehanna raised their price target on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $103.77.

Okta Price Performance

NASDAQ:OKTA opened at $84.79 on Wednesday. The stock has a market capitalization of $14.40 billion, a PE ratio of -242.26, a P/E/G ratio of 20.94 and a beta of 1.00. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The firm has a fifty day simple moving average of $75.77 and a 200 day simple moving average of $84.16. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Activity

In related news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’s 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 sale, the chief executive officer now directly owns 8,495 shares in the company, valued at $638,908.95. This trade represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 607,215 shares of company stock worth $46,304,810. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

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