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

Okta (NASDAQ:OKTA) had its price target increased by equities research analysts at Barclays from $81.00 to $96.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential upside of 17.49% from the company’s previous close.

Several other brokerages have also weighed in on OKTA. UBS Group dropped their price objective on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. The Goldman Sachs Group decreased their price objective on shares of Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Westpark Capital reiterated a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Wednesday. Needham & Company LLC increased their price objective on shares of Okta from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $92.00 to $97.00 in a research note on Monday. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Okta presently has a consensus rating of “Hold” and a consensus target price of $101.10.

Okta Price Performance

Shares of NASDAQ OKTA opened at $81.71 on Wednesday. The firm’s 50-day moving average price is $75.15 and its 200-day moving average price is $84.27. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The firm has a market capitalization of $13.88 billion, a P/E ratio of -97.27, a P/E/G ratio of 19.79 and a beta of 1.00. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 475,789 shares of company stock valued at $35,701,361. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. purchased a new stake in Okta during the third quarter valued at $25,000. Future Financial Wealth Managment LLC purchased a new stake in Okta during the third quarter valued at $26,000. Blue Trust Inc. raised its stake in Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in Okta during the third quarter valued at $32,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 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.