Okta (NASDAQ:OKTA) Upgraded to Buy at DA Davidson

Okta (NASDAQ:OKTA) was upgraded by investment analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, MarketBeat reports. The firm currently has a $125.00 price objective on the stock, up from their previous price objective of $90.00. DA Davidson’s price objective indicates a potential upside of 43.41% from the company’s current price.

A number of other equities research analysts also recently issued reports on the company. Sanford C. Bernstein decreased their price objective on Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research report on Tuesday, December 17th. BTIG Research boosted their price objective on shares of Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Susquehanna increased their price objective on shares of Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Jefferies Financial Group dropped their target price on Okta from $100.00 to $90.00 and set a “hold” rating for the company in a research report on Thursday, December 19th. Finally, Stifel Nicolaus upped their target price on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $108.60.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $87.16 on Tuesday. The firm has a fifty day simple moving average of $89.37 and a two-hundred day simple moving average of $82.38. Okta has a 52 week low of $70.56 and a 52 week 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 stock has a market capitalization of $14.94 billion, a P/E ratio of -249.03, a PEG ratio of 6.42 and a beta of 1.03.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of Okta stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total transaction of $33,965,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction on 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 have sold 849,482 shares of company stock worth $74,422,216 over the last 90 days. 7.00% of the stock is currently owned by company insiders.

Institutional Trading of Okta

Institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in Okta during the fourth quarter worth $234,992,000. Ameriprise Financial Inc. boosted its holdings in Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after buying an additional 1,828,630 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in Okta by 2,309.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after buying an additional 1,699,176 shares during the last quarter. Point72 Asset Management L.P. increased 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 in the last quarter. Finally, Sachem Head Capital Management LP acquired a new position in shares of Okta during the fourth quarter valued at approximately $105,592,000. 86.64% of the stock is owned by institutional investors and hedge funds.

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.