Okta (NASDAQ:OKTA) Price Target Raised to $115.00 at Robert W. Baird

Okta (NASDAQ:OKTA) had its price target lifted by Robert W. Baird from $105.00 to $115.00 in a research note released on Tuesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

OKTA has been the topic of a number of other reports. JMP Securities reiterated a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Susquehanna upped their price target on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Stifel Nicolaus raised their target price on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $101.00 target price on shares of Okta in a research report on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Okta from a “buy” rating to a “hold” rating and reduced their price target for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $104.43.

Okta Trading Up 0.8 %

Shares of OKTA stock opened at $85.42 on Tuesday. The stock has a 50-day simple moving average of $77.34 and a 200 day simple moving average of $83.38. The stock has a market capitalization of $14.64 billion, a P/E ratio of -244.06, a P/E/G ratio of 8.61 and a beta of 1.00. Okta has a fifty-two week low of $70.56 and a fifty-two 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.

Insiders Place Their Bets

In related news, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the transaction, the director now directly owns 1,622 shares in the company, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Insiders sold 604,425 shares of company stock valued at $46,098,322 over the last quarter. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OKTA. Paloma Partners Management Co bought a new position in shares of Okta during the 3rd quarter worth about $969,000. SG Americas Securities LLC increased its stake in Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after acquiring an additional 9,364 shares during the period. Truist Financial Corp increased its stake in Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Okta by 7.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after buying an additional 8,239 shares during the period. 86.64% of the stock is currently 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.