Okta (NASDAQ:OKTA) Price Target Raised to $94.00

Okta (NASDAQ:OKTA) had its target price boosted by Canaccord Genuity Group from $82.00 to $94.00 in a research report released on Wednesday morning, Marketbeat.com reports. They currently have a hold rating on the stock.

OKTA has been the topic of several other reports. The Goldman Sachs Group lowered their price target on shares of Okta from $113.00 to $97.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Needham & Company LLC increased their price objective on Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Susquehanna boosted their price target on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $103.77.

Okta Price Performance

Shares of OKTA opened at $84.79 on Wednesday. The company’s 50-day moving average is $75.77 and its 200-day moving average is $84.16. 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 firm has a market capitalization of $14.40 billion, a PE ratio of -242.26, a PEG ratio of 20.94 and a beta of 1.00. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Paloma Partners Management Co bought a new position in Okta during the third quarter worth $969,000. SG Americas Securities LLC grew its holdings in Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,364 shares during the period. Truist Financial Corp grew its holdings in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Okta by 105.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after acquiring an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Okta by 7.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after purchasing an additional 8,239 shares during the period. Institutional investors and hedge funds 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.