Okta (NASDAQ:OKTA) Stock Price Expected to Rise, DA Davidson Analyst Says

Okta (NASDAQ:OKTA) had its price target upped by stock analysts at DA Davidson from $75.00 to $90.00 in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price objective indicates a potential upside of 10.15% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Susquehanna increased their target price on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday. 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. JPMorgan Chase & Co. reduced their price target on Okta from $105.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, November 29th. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and reduced their price target for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. Finally, BTIG Research reduced their price target on Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $102.53.

Okta Price Performance

OKTA opened at $81.71 on Wednesday. The stock’s 50-day moving average price is $75.15 and its 200 day moving average price is $84.27. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a market cap of $13.88 billion, a price-to-earnings ratio of -97.27, a PEG ratio of 19.79 and a beta of 1.00.

Insider Buying and Selling at Okta

In other Okta news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. This trade represents a 11.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the transaction, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

Institutional investors have recently modified their holdings of the business. Paloma Partners Management Co purchased a new stake in shares of Okta in the third quarter valued at approximately $969,000. SG Americas Securities LLC boosted its stake in shares of 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 in the last quarter. Truist Financial Corp boosted its stake in shares of 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 buying an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Okta by 105.8% in 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 raised its holdings 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 purchasing an additional 8,239 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.