Okta (NASDAQ:OKTA) Price Target Raised to $120.00

Okta (NASDAQ:OKTA) had its price target increased by UBS Group from $108.00 to $120.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the stock. Scotiabank reduced their target price on shares of Okta from $96.00 to $94.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 21st. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $92.00 to $97.00 in a research report on Monday, December 2nd. JMP Securities reaffirmed a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. The Goldman Sachs Group increased their price objective on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Sanford C. Bernstein reduced their target price on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $106.13.

Okta Stock Performance

NASDAQ:OKTA opened at $95.19 on Thursday. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm’s fifty day simple moving average is $88.43 and its 200-day simple moving average is $82.47. The stock has a market cap of $16.31 billion, a PE ratio of -271.97, a price-to-earnings-growth ratio of 6.54 and a beta of 1.03.

Insider Buying and Selling

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, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total value of $267,396.60. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $2,159,178.75. This trade represents a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 980,908 shares of company stock valued at $85,025,665. 7.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Okta

A number of large investors have recently made changes to their positions in the stock. Paloma Partners Management Co purchased a new stake in Okta during the third quarter valued at about $969,000. Stifel Financial Corp increased its holdings in shares of Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after buying an additional 13,387 shares during the period. Nordea Investment Management AB grew its stake in shares of Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after purchasing an additional 382,190 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew 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 worth $26,627,000 after purchasing an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Okta by 7.5% in 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 owned by 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.