Okta (NASDAQ:OKTA) Price Target Raised to $94.00

Okta (NASDAQ:OKTA) had its price objective boosted by Canaccord Genuity Group from $82.00 to $94.00 in a report published on Wednesday morning, MarketBeat.com reports. The firm currently has a hold rating on the stock.

Several other research analysts have also recently weighed in on OKTA. Scotiabank lowered their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Mizuho decreased their target price on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. DA Davidson raised their price target on shares of Okta from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday. 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. Finally, Piper Sandler increased their price objective on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Okta has a consensus rating of “Hold” and a consensus price target of $103.77.

Okta Stock Performance

Shares of Okta stock opened at $84.79 on Wednesday. The business’s 50 day moving average price is $75.77 and its 200 day moving average price is $84.16. The company has a market cap of $14.40 billion, a price-to-earnings ratio of -242.26, a PEG ratio of 20.94 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. Okta has a one year low of $70.56 and a one year high of $114.50.

Insider Activity

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the sale, the director now directly owns 1,622 shares of the company’s stock, valued at $130,862.96. The trade was a 98.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 200,512 shares of the 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 in the company, valued at approximately $638,908.95. The trade was a 95.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 607,215 shares of company stock worth $46,304,810. 7.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

Several institutional investors have recently added to or reduced their stakes in OKTA. Tidal Investments LLC raised its holdings in Okta by 15.7% during the first quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock worth $565,000 after purchasing an additional 734 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Okta by 87.4% in the 1st quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock valued at $1,806,000 after buying an additional 8,051 shares during the last quarter. Cetera Advisors LLC acquired a new stake in Okta during the 1st quarter worth $946,000. EverSource Wealth Advisors LLC lifted 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 acquiring an additional 142 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in Okta by 10.0% in the second quarter. Harbor Capital Advisors Inc. now owns 5,115 shares of the company’s stock valued at $479,000 after acquiring an additional 465 shares in the last quarter. Hedge funds and other 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.