Canaccord Genuity Group Raises Okta (NASDAQ:OKTA) Price Target to $94.00

Okta (NASDAQ:OKTA) had its price objective raised by equities researchers at Canaccord Genuity Group from $82.00 to $94.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 9.60% from the company’s previous close.

Several other research firms have also commented on OKTA. UBS Group lowered their price objective on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Truist Financial reaffirmed a “hold” rating and issued a $92.00 price target (up previously from $80.00) on shares of Okta in a research report on Wednesday. Westpark Capital reiterated a “buy” rating and issued a $140.00 price target on shares of Okta in a research note on Wednesday. Royal Bank of Canada lowered their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Finally, Guggenheim reiterated a “buy” rating and issued a $130.00 price objective on shares of Okta in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $102.93.

Okta Trading Up 5.0 %

Shares of NASDAQ:OKTA traded up $4.06 during midday trading on Wednesday, reaching $85.77. 4,017,071 shares of the company’s stock were exchanged, compared to its average volume of 2,005,545. The firm’s 50 day simple moving average is $75.15 and its two-hundred day simple moving average is $84.27. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The stock has a market cap of $14.57 billion, a price-to-earnings ratio of -102.11, a P/E/G ratio of 19.79 and a beta of 1.00.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 475,789 shares of company stock valued at $35,701,361. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Large investors have recently bought and sold shares of the stock. Paloma Partners Management Co purchased a new position in shares of Okta in the 3rd quarter worth about $969,000. SG Americas Securities LLC raised its holdings in Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after buying an additional 9,364 shares during the period. Truist Financial Corp lifted its position in Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after buying an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Okta by 7.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after buying an additional 8,239 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Company Profile

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.