Okta (NASDAQ:OKTA) PT Raised to $103.00

Okta (NASDAQ:OKTA) had its target price hoisted by BMO Capital Markets from $100.00 to $103.00 in a research report report published on Thursday, MarketBeat.com reports. BMO Capital Markets currently has a market perform rating on the stock.

Several other research firms also recently weighed in on OKTA. Westpark Capital reaffirmed a buy rating and issued a $140.00 target price on shares of Okta in a research report on Friday, August 23rd. Wedbush reiterated an outperform rating and issued a $130.00 price objective on shares of Okta in a research note on Wednesday, May 29th. Evercore ISI upgraded Okta from an in-line rating to an outperform rating and lifted their target price for the company from $102.00 to $122.00 in a report on Thursday, May 30th. JPMorgan Chase & Co. lifted their price objective on Okta from $105.00 to $110.00 and gave the company a neutral rating in a research note on Thursday, May 30th. Finally, UBS Group cut their target price on shares of Okta from $130.00 to $120.00 and set a buy rating on the stock in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $106.00.

Okta Trading Down 1.0 %

OKTA opened at $78.73 on Thursday. Okta has a 52 week low of $65.04 and a 52 week high of $114.50. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $93.07 and a 200-day simple moving average of $95.52. The firm has a market cap of $13.24 billion, a P/E ratio of -47.14 and a beta of 1.03.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the sale, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Okta news, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the transaction, the chief executive officer now owns 47,883 shares of the company’s stock, valued at $4,473,229.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 26,618 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total value of $2,669,519.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 365,051 shares of company stock worth $34,411,773. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Okta by 0.8% during the first quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after buying an additional 128,906 shares during the period. Sands Capital Management LLC grew its stake in Okta by 42.3% in the 4th quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock worth $756,687,000 after acquiring an additional 2,486,456 shares during the period. First Trust Advisors LP raised its holdings in Okta by 28.1% in the 4th quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock valued at $369,854,000 after acquiring an additional 897,216 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares during the period. Finally, Eminence Capital LP lifted its stake in shares of Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after purchasing an additional 305,381 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.