Okta’s (OKTA) “Market Perform” Rating Reiterated at JMP Securities

Okta (NASDAQ:OKTA)‘s stock had its “market perform” rating reissued by stock analysts at JMP Securities in a report issued on Wednesday,Benzinga reports.

Other analysts also recently issued reports about the stock. Stifel Nicolaus boosted their target price on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity Group upped their price target on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a report on Wednesday. BTIG Research raised their price objective on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday. Royal Bank of Canada cut their target price on Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Finally, Westpark Capital reaffirmed a “buy” rating and set a $140.00 target price on shares of Okta in a report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Okta presently has a consensus rating of “Hold” and a consensus target price of $103.77.

Okta Price Performance

NASDAQ:OKTA opened at $83.51 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 business’s 50-day moving average price is $75.37 and its 200 day moving average price is $84.29. Okta has a 52-week low of $70.56 and a 52-week high of $114.50. The firm has a market cap of $14.19 billion, a P/E ratio of -238.60, a PEG ratio of 20.94 and a beta of 1.00.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,791 shares of the firm’s 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 of the company’s stock, valued at approximately $1,581,937.50. This trade represents a 11.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares in the company, valued at $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 607,215 shares of company stock valued at $46,304,810 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. 272 Capital LP bought a new position in shares of Okta in the 3rd quarter valued at approximately $1,241,000. Oddo BHF Asset Management Sas bought a new position in shares of Okta in the 3rd quarter valued at approximately $5,343,000. Tidal Investments LLC raised its stake in shares of Okta by 132.0% in the 3rd quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock valued at $1,866,000 after acquiring an additional 14,283 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Okta in the 3rd quarter valued at approximately $108,000. Finally, Sanctuary Advisors LLC raised its stake in shares of Okta by 125.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock valued at $861,000 after acquiring an additional 6,265 shares in the last quarter. 86.64% of the stock is owned by 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.