Okta (NASDAQ:OKTA) Price Target Raised to $100.00

Okta (NASDAQ:OKTA) had its price objective increased by Truist Financial from $92.00 to $100.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other equities analysts have also weighed in on OKTA. BMO Capital Markets increased their price objective on shares of Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Mizuho upgraded Okta from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $110.00 to $127.00 in a research report on Tuesday. DA Davidson raised Okta from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $90.00 to $125.00 in a research note on Tuesday. Citigroup increased their target price on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and decreased their target price for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $111.22 on Tuesday. 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 $116.96. The stock has a market capitalization of $19.06 billion, a P/E ratio of -317.77, a P/E/G ratio of 6.42 and a beta of 1.09. The business has a 50-day moving average price of $90.54 and a two-hundred day moving average price of $82.70.

Insider Activity

In other Okta news, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total transaction of $33,965,100.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the 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. In the last 90 days, insiders sold 979,482 shares of company stock valued at $88,072,216. 7.00% of the stock is owned by insiders.

Institutional Trading of Okta

Several institutional investors and hedge funds have recently bought and sold shares of OKTA. Norges Bank bought a new position in shares of Okta during the 4th quarter worth approximately $234,992,000. Ameriprise Financial Inc. lifted its holdings in 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 purchasing an additional 1,828,630 shares during the last quarter. Alyeska Investment Group L.P. boosted its position in Okta by 2,309.4% during 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. increased its holdings in shares of Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after purchasing an additional 1,572,786 shares during the last quarter. Finally, Sachem Head Capital Management LP bought a new position in shares of Okta in the fourth quarter valued at about $105,592,000. Institutional investors own 86.64% of the company’s stock.

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.