Okta (NASDAQ:OKTA) Receives “Buy” Rating from Westpark Capital

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reaffirmed by Westpark Capital in a research note issued on Wednesday,Benzinga reports. They currently have a $140.00 price objective on the stock. Westpark Capital’s target price points to a potential upside of 71.34% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Scotiabank lowered their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research note on Thursday, August 29th. Truist Financial lowered their price objective on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. DA Davidson cut their target price on shares of Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Wells Fargo & Company dropped their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. Finally, Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $100.00.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $81.71 on Wednesday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The stock has a market cap of $13.88 billion, a PE ratio of -97.27, a PEG ratio of 19.79 and a beta of 1.00. The company’s fifty day moving average is $75.03 and its 200 day moving average is $84.42. Okta has a 52 week low of $70.56 and a 52 week high of $114.50.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. This trade represents a 9.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OKTA. Marshall Wace LLP grew its position in Okta by 117.4% in 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. Point72 Asset Management L.P. bought a new stake in shares of Okta in the third quarter worth $49,373,000. Eminence Capital LP increased its position in Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Okta by 232.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after acquiring an additional 277,084 shares during the period. Finally, Truist Financial Corp boosted its position in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.