Okta, Inc. (NASDAQ:OKTA) Receives Average Recommendation of “Hold” from Analysts

Shares of Okta, Inc. (NASDAQ:OKTA) have been given an average rating of “Hold” by the twenty-nine research firms that are covering the stock, Marketbeat reports. 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. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $105.14.

OKTA has been the subject of several recent research reports. BMO Capital Markets increased their price target on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. Truist Financial restated a “hold” rating and set a $95.00 target price (down previously from $105.00) on shares of Okta in a research report on Thursday, August 29th. JPMorgan Chase & Co. lowered their price target on Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Royal Bank of Canada reissued an “outperform” rating and set a $125.00 price objective on shares of Okta in a report on Thursday, August 29th. Finally, Citigroup lowered their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th.

Okta Trading Up 0.8 %

Shares of OKTA stock opened at $74.06 on Wednesday. The firm has a fifty day moving average of $89.41 and a 200-day moving average of $94.69. The stock has a market cap of $12.58 billion, a price-to-earnings ratio of -44.35, a P/E/G ratio of 40.62 and a beta of 1.01. Okta has a 52-week low of $65.04 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 2,100 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $95.12, for a total value of $199,752.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Okta news, Director Jacques Frederic Kerrest sold 2,100 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $95.12, for a total value of $199,752.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,792 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total value of $277,524.80. Following the transaction, the insider now owns 29,809 shares in the company, valued at approximately $2,963,014.60. The disclosure for this sale can be found here. Insiders sold a total of 346,173 shares of company stock worth $32,765,801 in the last quarter. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Several hedge funds have recently bought and sold shares of the company. American Trust grew its holdings in shares of Okta by 118.7% in the 2nd quarter. American Trust now owns 7,122 shares of the company’s stock valued at $667,000 after buying an additional 3,865 shares during the period. Sanctuary Advisors LLC bought a new position in Okta during the second quarter worth about $460,000. Creekside Partners bought a new position in Okta during the second quarter worth about $250,000. Truist Financial Corp grew its stake in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares during the period. Finally, Invst LLC bought a new stake in shares of Okta in the second quarter worth about $226,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.