Okta (NASDAQ:OKTA) Upgraded to Outperform at Sanford C. Bernstein

Okta (NASDAQ:OKTA) was upgraded by equities research analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The brokerage currently has a $129.00 price objective on the stock, up from their previous price objective of $123.00. Sanford C. Bernstein’s price objective points to a potential upside of 52.14% from the stock’s current price.

OKTA has been the subject of several other reports. Piper Sandler upped their target price on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on Okta from $105.00 to $85.00 and set a “neutral” rating for the company in a research note on Friday, November 29th. Wells Fargo & Company cut their target price on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Thursday, October 17th. Royal Bank of Canada restated an “outperform” rating and set a $101.00 target price on shares of Okta in a research note on Wednesday. Finally, Scotiabank increased their price target on Okta from $92.00 to $96.00 and gave the company a “sector perform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $103.77.

Okta Stock Up 1.5 %

NASDAQ OKTA opened at $84.79 on Thursday. The business has a fifty day moving average price of $75.77 and a two-hundred day moving average price of $84.16. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The stock has a market capitalization of $14.40 billion, a PE ratio of -242.26, a PEG ratio of 20.94 and a beta of 1.00.

Insiders Place Their Bets

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of the 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 in the company, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their position. 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. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently made changes to their positions in OKTA. Marshall Wace LLP boosted its position in shares of 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. Point72 Asset Management L.P. bought a new position in shares of Okta during the 3rd quarter worth about $49,373,000. Eminence Capital LP lifted its position in Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Okta by 232.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after acquiring an additional 277,084 shares in the last quarter. Finally, Truist Financial Corp lifted its position in Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares in 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.