KeyCorp Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its price target lifted by stock analysts at KeyCorp from $115.00 to $125.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s target price indicates a potential upside of 27.21% from the company’s previous close.

Other research analysts have also issued reports about the company. Wells Fargo & Company lifted their target price on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Truist Financial reiterated a “hold” rating and issued a $92.00 price objective (up from $80.00) on shares of Okta in a research report on Wednesday, December 4th. Mizuho dropped 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. BTIG Research upped their price target on shares of Okta from $98.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Citigroup raised their price objective on shares of Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $105.45.

Okta Trading Up 2.6 %

NASDAQ:OKTA opened at $98.26 on Tuesday. The firm has a market capitalization of $16.84 billion, a price-to-earnings ratio of -280.74, a PEG ratio of 6.58 and a beta of 1.03. The business’s 50-day moving average price is $86.85 and its two-hundred day moving average price is $82.19. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insider Buying and Selling

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction on 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 transaction, the director now owns 1,622 shares in the company, valued at $130,862.96. This trade represents a 98.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 978,168 shares of company stock valued at $84,758,269. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust acquired a new stake in shares of Okta in the 4th quarter valued at $25,000. Itau Unibanco Holding S.A. bought a new stake in shares of Okta during the 3rd quarter worth $25,000. Blue Trust Inc. boosted its stake in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in Okta in the third quarter valued at about $32,000. Finally, TD Private Client Wealth LLC raised its stake in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after acquiring an additional 456 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

About Okta

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.