Okta (NASDAQ:OKTA) Given New $120.00 Price Target at Stifel Nicolaus

Okta (NASDAQ:OKTA) had its target price increased by stock analysts at Stifel Nicolaus from $115.00 to $120.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 16.72% from the company’s current price.

OKTA has been the topic of a number of other reports. Guggenheim reiterated a “buy” rating and issued a $130.00 target price on shares of Okta in a research note on Wednesday, December 4th. Piper Sandler raised their price target on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $92.00 to $97.00 in a research note on Monday, December 2nd. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and lowered their target price for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. Finally, KeyCorp upped their price target on Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, Okta has an average rating of “Moderate Buy” and an average target price of $113.10.

Okta Stock Performance

OKTA stock traded up $15.65 during midday trading on Tuesday, hitting $102.81. 10,615,003 shares of the company traded hands, compared to its average volume of 2,749,359. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The business has a 50 day simple moving average of $89.37 and a 200-day simple moving average of $82.38. The stock has a market capitalization of $17.62 billion, a price-to-earnings ratio of -293.95, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the transaction, the insider now owns 24,462 shares in the company, valued at $1,969,191. This represents a 9.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the stock in a transaction dated 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. Over the last quarter, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in Okta in the fourth quarter valued at about $234,992,000. Ameriprise Financial Inc. increased its stake in shares of Okta by 2,135.7% in 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 during the last quarter. Alyeska Investment Group L.P. raised its holdings in Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after purchasing an additional 1,699,176 shares during the period. Point72 Asset Management L.P. raised its stake in Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after buying an additional 1,572,786 shares during the period. Finally, Sachem Head Capital Management LP bought a new position in shares of Okta during the 4th quarter valued at about $105,592,000. 86.64% of the stock is currently owned by institutional investors.

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.