Okta (NASDAQ:OKTA) Now Covered by Analysts at Morgan Stanley

Morgan Stanley started coverage on shares of Okta (NASDAQ:OKTA) in a report released on Tuesday. The firm set an “overweight” rating on the stock.

Other equities analysts have also issued research reports about the company. Needham & Company LLC restated a “buy” rating and issued a $115.00 target price on shares of Okta in a research note on Tuesday, March 4th. Sanford C. Bernstein decreased their price objective on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a report on Tuesday, December 17th. DA Davidson raised Okta from a “neutral” rating to a “buy” rating and boosted their price target for the company from $90.00 to $125.00 in a report on Tuesday, March 4th. Piper Sandler raised their price target on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group lifted their price target on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. One equities research 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. Based on data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $114.39.

Okta Stock Down 1.6 %

NASDAQ OKTA traded down $1.86 on Tuesday, hitting $113.79. The stock had a trading volume of 188,412 shares, compared to its average volume of 2,338,052. Okta has a 52-week low of $70.56 and a 52-week high of $116.96. The business’s fifty day moving average price is $95.21 and its 200 day moving average price is $83.42. 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 stock has a market cap of $19.50 billion, a price-to-earnings ratio of -323.11, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the transaction, the insider now owns 24,462 shares in the company, valued at $1,969,191. The trade was a 9.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Insiders sold a total of 979,482 shares of company stock worth $88,072,216 in the last 90 days. 7.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Okta

Institutional investors have recently bought and sold shares of the company. Metis Global Partners LLC boosted its holdings in Okta by 7.1% in the 3rd quarter. Metis Global Partners LLC now owns 3,181 shares of the company’s stock valued at $236,000 after purchasing an additional 212 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Okta by 5.4% in the third quarter. CIBC Asset Management Inc now owns 5,650 shares of the company’s stock valued at $420,000 after acquiring an additional 288 shares during the period. Empowered Funds LLC grew its stake in shares of Okta by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 5,718 shares of the company’s stock worth $425,000 after purchasing an additional 295 shares during the period. Swiss National Bank increased its holdings in shares of Okta by 0.8% in the 3rd quarter. Swiss National Bank now owns 477,700 shares of the company’s stock valued at $35,512,000 after purchasing an additional 3,600 shares in the last quarter. Finally, Quest Partners LLC boosted its holdings in Okta by 346.2% during the third quarter. Quest Partners LLC now owns 7,134 shares of the company’s stock worth $530,000 after buying an additional 5,535 shares in the last quarter. 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.