Okta (NASDAQ:OKTA) Coverage Initiated at Cantor Fitzgerald

Stock analysts at Cantor Fitzgerald initiated coverage on shares of Okta (NASDAQ:OKTA) in a note issued to investors on Monday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $130.00 price target on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 20.38% from the stock’s previous close.

OKTA has been the topic of a number of other research reports. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. Royal Bank of Canada raised their price target on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. JPMorgan Chase & Co. upped their price objective on shares of Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. UBS Group set a $135.00 target price on Okta in a research report on Tuesday, March 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $115.00 price target on shares of Okta in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and a consensus price target of $115.75.

Okta Stock Performance

OKTA opened at $107.99 on Monday. 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 stock’s 50 day moving average price is $100.33 and its two-hundred day moving average price is $85.87. The firm has a market capitalization of $18.75 billion, a P/E ratio of -308.54, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. Okta has a 12-month low of $70.56 and a 12-month high of $118.07.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 11,552 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $2,524,241.25. This represents a 34.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 761,197 shares of company stock worth $70,662,533 in the last quarter. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in Okta by 68.8% in the 4th quarter. Wellington Management Group LLP now owns 34,042 shares of the company’s stock worth $2,683,000 after purchasing an additional 13,869 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Okta by 52.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock valued at $956,000 after purchasing an additional 4,171 shares during the period. Fluent Financial LLC bought a new stake in shares of Okta in the fourth quarter valued at about $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Okta during the fourth quarter worth about $8,680,000. Finally, Forum Financial Management LP bought a new stake in Okta in the 4th quarter valued at approximately $333,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.