Okta’s (OKTA) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Okta (NASDAQ:OKTA) in a report published on Tuesday,Benzinga reports. The firm currently has a $115.00 price target on the stock.

A number of other research analysts have also issued reports on OKTA. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $92.00 to $97.00 in a report on Monday, December 2nd. BMO Capital Markets lifted their price target on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Westpark Capital reissued a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Mizuho cut their target price on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $101.00 price target on shares of Okta in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $104.55.

Okta Price Performance

Shares of OKTA opened at $97.47 on Tuesday. The business has a 50-day simple moving average of $85.60 and a two-hundred day simple moving average of $82.19. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The stock has a market cap of $16.70 billion, a PE ratio of -278.49, a PEG ratio of 9.52 and a beta of 1.03. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Activity at Okta

In related news, CFO Brett Tighe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the transaction, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at $10,015,437. This trade represents a 4.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the sale, the insider now directly owns 24,462 shares of the company’s stock, valued at $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 913,168 shares of company stock valued at $78,420,769 over the last 90 days. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of Jackson Hole Trust bought a new stake in Okta during the fourth quarter worth $25,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta during the 3rd quarter valued at $25,000. Future Financial Wealth Managment LLC bought a new stake in shares of Okta during the 3rd quarter worth $26,000. Blue Trust Inc. boosted its holdings in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after buying an additional 191 shares during the last quarter. Finally, Legacy Investment Solutions LLC bought a new position in Okta during the third quarter valued at about $32,000. Hedge funds and other 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.