Okta (NASDAQ:OKTA) Now Covered by Stephens

Equities researchers at Stephens began coverage on shares of Okta (NASDAQ:OKTA) in a research report issued on Tuesday,Benzinga reports. The brokerage set an “equal weight” rating and a $127.00 price target on the stock. Stephens’ price objective points to a potential upside of 22.42% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. The Goldman Sachs Group increased their price objective on shares of Okta from $107.00 to $123.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Canaccord Genuity Group raised their price objective on Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Stifel Nicolaus upped their target price on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Westpark Capital reissued a “buy” rating and issued a $140.00 price target on shares of Okta in a research note on Friday, February 28th. Finally, Oppenheimer upped their price objective on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $116.09.

Okta Stock Down 1.4 %

OKTA opened at $103.74 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 12 month low of $70.56 and a 12 month high of $118.07. The stock has a market capitalization of $18.01 billion, a P/E ratio of -299.07, a P/E/G ratio of 6.42 and a beta of 1.09. The business has a 50 day simple moving average of $100.69 and a 200-day simple moving average of $86.10.

Insider Activity

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total value of $242,224.32. Following the transaction, the insider now owns 23,311 shares in the company, valued at $2,088,199.38. This trade represents a 10.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brett Tighe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the transaction, the chief financial officer now owns 112,533 shares in the company, valued at $10,015,437. This represents a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 761,197 shares of company stock worth $70,662,533. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several institutional investors have recently modified their holdings of the stock. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta during the 3rd quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Okta in the fourth quarter valued at approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in shares of Okta during the third quarter worth $32,000. TD Private Client Wealth LLC boosted its position in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after acquiring an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Okta during the 4th quarter worth about $40,000. 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.