Okta (NASDAQ:OKTA) Shares Gap Up Following Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA)’s share price gapped up prior to trading on Tuesday after Robert W. Baird raised their price target on the stock from $115.00 to $130.00. The stock had previously closed at $87.16, but opened at $100.06. Robert W. Baird currently has an outperform rating on the stock. Okta shares last traded at $101.99, with a volume of 4,986,952 shares.

Several other analysts also recently weighed in on OKTA. Susquehanna lifted their price target on shares of Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Westpark Capital reaffirmed a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Friday. Royal Bank of Canada increased their price target on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday. Truist Financial restated a “hold” rating and issued a $92.00 price objective (up from $80.00) on shares of Okta in a report on Wednesday, December 4th. Finally, Stifel Nicolaus upped their price target on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $111.27.

Insider Activity

In other news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the sale, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. Insiders sold 849,482 shares of company stock worth $74,422,216 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Hedge funds have recently made changes to their positions in the stock. Bank of Jackson Hole Trust purchased a new position in shares of Okta in the fourth quarter valued at approximately $25,000. Itau Unibanco Holding S.A. purchased a new stake in Okta during the 3rd quarter worth about $25,000. Legacy Investment Solutions LLC acquired a new position in shares of Okta during the 3rd quarter worth about $32,000. TD Private Client Wealth LLC raised its position in shares of Okta by 3,507.7% during the 4th 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. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Okta during the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The company’s 50 day simple moving average is $89.37 and its 200 day simple moving average is $82.38. The company has a market capitalization of $17.83 billion, a PE ratio of -297.08, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

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.