Okta (NASDAQ:OKTA) Price Target Raised to $90.00

Okta (NASDAQ:OKTA) had its target price raised by Piper Sandler from $85.00 to $90.00 in a research note released on Wednesday morning, MarketBeat Ratings reports. They currently have a neutral rating on the stock.

Other equities analysts have also recently issued reports about the company. BTIG Research dropped their target price on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, October 17th. Citigroup cut their price objective on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft downgraded shares of Okta from a “buy” rating to a “hold” rating and cut their price target for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. Finally, Wells Fargo & Company decreased their price objective on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $103.77.

Okta Price Performance

Shares of Okta stock opened at $84.79 on Wednesday. The firm has a market cap of $14.40 billion, a P/E ratio of -242.26, a price-to-earnings-growth ratio of 20.94 and a beta of 1.00. The firm’s 50-day simple moving average is $75.77 and its 200-day simple moving average is $84.16. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the sale, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. The trade was a 95.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares of the company’s stock, 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. Over the last ninety days, insiders have sold 607,215 shares of company stock worth $46,304,810. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

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

Okta Company Profile

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.