KeyCorp Upgrades Okta (NASDAQ:OKTA) to “Overweight”

KeyCorp upgraded shares of Okta (NASDAQ:OKTA) from a sector weight rating to an overweight rating in a report published on Thursday morning, MarketBeat Ratings reports. KeyCorp currently has $115.00 target price on the stock.

A number of other equities analysts have also recently issued reports on OKTA. UBS Group cut their price target on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Scotiabank increased their target price on shares of Okta from $92.00 to $96.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 4th. Stifel Nicolaus raised their price target on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $92.00 to $97.00 in a report on Monday, December 2nd. Finally, Wells Fargo & Company upped their price target on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $104.45.

Okta Trading Up 0.3 %

Shares of NASDAQ:OKTA traded up $0.22 during midday trading on Thursday, reaching $81.91. The company’s stock had a trading volume of 227,551 shares, compared to its average volume of 2,161,760. 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 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a 50 day moving average price of $77.51 and a two-hundred day moving average price of $83.36. The firm has a market capitalization of $14.04 billion, a price-to-earnings ratio of -234.03, a PEG ratio of 8.61 and a beta of 1.00.

Insider Activity at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This represents a 98.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Mckinnon sold 32,516 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $76.22, for a total value of $2,478,369.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 403,913 shares of company stock worth $31,017,815. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Several institutional investors have recently added to or reduced their stakes in the business. 272 Capital LP bought a new position in Okta in the 3rd quarter worth approximately $1,241,000. Oddo BHF Asset Management Sas purchased a new stake in shares of Okta during the third quarter worth $5,343,000. Tidal Investments LLC boosted its holdings in shares of Okta by 132.0% in the third quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock worth $1,866,000 after acquiring an additional 14,283 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Okta in the third quarter worth $108,000. Finally, Sanctuary Advisors LLC grew its position in shares of Okta by 125.8% in the third quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock valued at $861,000 after purchasing an additional 6,265 shares in 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.