Okta (NASDAQ:OKTA) Price Target Raised to $120.00 at Royal Bank of Canada

Okta (NASDAQ:OKTA) had its target price increased by stock analysts at Royal Bank of Canada from $115.00 to $120.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 16.38% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. BTIG Research lifted their target price on Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and issued a $115.00 price target on shares of Okta in a research report on Tuesday. Scotiabank upped their price target on Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and decreased their price objective for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. Finally, Sanford C. Bernstein reduced their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $111.27.

Okta Trading Up 18.3 %

Shares of OKTA traded up $15.95 during midday trading on Tuesday, hitting $103.11. 5,698,191 shares of the stock were exchanged, compared to its average volume of 2,625,920. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market cap of $17.67 billion, a P/E ratio of -294.59, a P/E/G ratio of 6.42 and a beta of 1.09. Okta has a 52-week low of $70.56 and a 52-week high of $114.50. The stock has a fifty day simple moving average of $89.37 and a 200 day simple moving average of $82.38.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total value of $6,337,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 849,482 shares of company stock valued at $74,422,216 in the last quarter. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Itau Unibanco Holding S.A. bought a new stake in Okta during the third quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new position in Okta during the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new stake in Okta in the third quarter worth about $32,000. TD Private Client Wealth LLC lifted its holdings in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after acquiring an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of Okta during the 4th quarter valued at about $40,000. 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.