Okta’s (OKTA) Hold Rating Reaffirmed at Truist Financial

Truist Financial reiterated their hold rating on shares of Okta (NASDAQ:OKTA) in a research note published on Thursday, Benzinga reports. Truist Financial currently has a $95.00 price target on the stock, down from their previous price target of $105.00.

OKTA has been the subject of a number of other reports. Wells Fargo & Company cut their target price on Okta from $100.00 to $90.00 and set an equal weight rating for the company in a research note on Thursday. Westpark Capital reaffirmed a buy rating and issued a $140.00 target price on shares of Okta in a research note on Thursday. UBS Group cut their target price on Okta from $120.00 to $108.00 and set a buy rating for the company in a research note on Thursday. Susquehanna cut their target price on Okta from $115.00 to $110.00 and set a neutral rating for the company in a research note on Thursday, May 30th. Finally, Wedbush reaffirmed an outperform rating and issued a $130.00 target price on shares of Okta in a research note on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Okta currently has an average rating of Hold and a consensus price target of $106.00.

Okta Trading Down 1.0 %

Shares of OKTA stock opened at $78.73 on Thursday. The stock’s fifty day moving average is $93.07 and its two-hundred day moving average is $95.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.73 and a current ratio of 1.73. The firm has a market capitalization of $13.24 billion, a P/E ratio of -47.14 and a beta of 1.03. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50.

Insider Activity

In other news, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the transaction, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the transaction, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 1,552 shares of Okta stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $86.99, for a total value of $135,008.48. 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 currently owned by company insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently made changes to their positions in OKTA. Vanguard Group Inc. lifted its stake in Okta by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after purchasing an additional 438,496 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in Okta by 19.5% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock worth $308,000 after purchasing an additional 556 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in Okta by 282.5% during the first quarter. Los Angeles Capital Management LLC now owns 248,658 shares of the company’s stock worth $26,015,000 after purchasing an additional 183,643 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Okta by 28.6% during the first quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock worth $1,375,000 after purchasing an additional 2,925 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in Okta by 639.6% during the first quarter. SG Americas Securities LLC now owns 70,895 shares of the company’s stock worth $7,417,000 after purchasing an additional 61,309 shares during the last quarter. 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.