The Goldman Sachs Group Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its target price hoisted by research analysts at The Goldman Sachs Group from $107.00 to $123.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 24.84% from the company’s current price.

OKTA has been the topic of a number of other reports. Robert W. Baird raised their target price on shares of Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. DA Davidson upgraded shares of Okta from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $90.00 to $125.00 in a research note on Tuesday. JPMorgan Chase & Co. increased their target price on shares of Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $101.00 price target on shares of Okta in a research report on Wednesday, December 4th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and a consensus price target of $110.13.

Okta Stock Up 8.9 %

Okta stock opened at $98.53 on Tuesday. The stock has a 50-day simple moving average of $89.37 and a 200-day simple moving average of $82.38. The company has a market capitalization of $16.88 billion, a P/E ratio of -281.13, a PEG ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the transaction, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 65,000 shares of Okta stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total transaction of $6,337,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 849,482 shares of company stock worth $74,422,216 in the last three months. 7.00% of the stock is currently owned by company insiders.

Institutional Trading of Okta

Several large investors have recently added to or reduced their stakes in OKTA. Paloma Partners Management Co purchased a new stake in shares of Okta in the third quarter worth about $969,000. Stifel Financial Corp lifted its position in Okta by 56.1% during the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after acquiring an additional 13,387 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after acquiring an additional 382,190 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in 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 acquiring an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Okta by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after acquiring an additional 8,239 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.