Okta (NASDAQ:OKTA) Given New $105.00 Price Target at Barclays

Okta (NASDAQ:OKTA) had its price target increased by Barclays from $96.00 to $105.00 in a report published on Thursday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other brokerages have also commented on OKTA. Canaccord Genuity Group raised their price target on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and dropped their price target for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. Piper Sandler raised their price objective on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Citigroup raised their price objective on shares of Okta from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $101.00 price objective on shares of Okta in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $106.13.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $95.19 on Thursday. The firm’s 50 day moving average is $88.43 and its two-hundred day moving average is $82.47. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The firm has a market capitalization of $16.31 billion, a P/E ratio of -271.97, a PEG ratio of 6.54 and a beta of 1.03. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total transaction of $6,337,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 980,908 shares of company stock valued at $85,025,665. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace LLP grew its holdings in shares of Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after acquiring an additional 938,509 shares in the last quarter. Norges Bank purchased a new position in shares of Okta during the 4th quarter valued at $234,992,000. Geode Capital Management LLC grew its holdings in shares of Okta by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after acquiring an additional 135,110 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after acquiring an additional 1,572,786 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after acquiring an additional 1,828,630 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other 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.