Mizuho Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its target price raised by stock analysts at Mizuho from $100.00 to $110.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Mizuho’s price target suggests a potential upside of 14.85% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Scotiabank decreased their price target on Okta from $96.00 to $94.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. Robert W. Baird upped their target price on Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Needham & Company LLC restated a “buy” rating and set a $115.00 target price on shares of Okta in a research report on Tuesday, February 4th. Truist Financial restated a “hold” rating and set a $92.00 target price (up previously from $80.00) on shares of Okta in a research report on Wednesday, December 4th. Finally, JMP Securities restated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. One 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.45.

Okta Trading Down 1.9 %

Shares of OKTA stock opened at $95.78 on Wednesday. The stock has a market cap of $16.41 billion, a price-to-earnings ratio of -273.66, a PEG ratio of 6.58 and a beta of 1.03. The stock has a 50-day moving average of $86.61 and a 200-day moving average of $82.08. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,704 shares of Okta 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 sale, the director now directly owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 978,168 shares of company stock worth $84,758,269. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several hedge funds have recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. bought a new stake in Okta during the third quarter worth about $25,000. Bank of Jackson Hole Trust bought a new stake in Okta during the fourth quarter worth about $25,000. Blue Trust Inc. lifted its stake in Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Okta during the third quarter worth about $32,000. Finally, TD Private Client Wealth LLC increased its holdings in shares of Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the period. 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.