The Goldman Sachs Group Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its price target lifted by equities researchers at The Goldman Sachs Group from $97.00 to $107.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 28.13% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Okta from $85.00 to $100.00 and gave the stock a “hold” rating in a research note on Wednesday. Scotiabank reduced their price target on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. Barclays upped their target price on Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Guggenheim reissued a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.77.

Okta Price Performance

Shares of OKTA stock opened at $83.51 on Wednesday. The company has a market cap of $14.19 billion, a P/E ratio of -238.60, a PEG ratio of 20.94 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The stock’s 50-day moving average is $75.37 and its 200 day moving average is $84.29. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insider Activity

In related news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the sale, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 607,215 shares of company stock worth $46,304,810 over the last three months. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta in the third quarter valued at about $25,000. Future Financial Wealth Managment LLC purchased a new stake in Okta during the 3rd quarter valued at about $26,000. Blue Trust Inc. raised its holdings in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in Okta in the 3rd quarter worth approximately $32,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. Institutional investors and hedge funds 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.