Stephens Upgrades Okta (NASDAQ:OKTA) to “Strong-Buy”

Okta (NASDAQ:OKTA) was upgraded by research analysts at Stephens to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages also recently commented on OKTA. Morgan Stanley set a $125.00 price target on shares of Okta in a report on Tuesday, March 18th. Piper Sandler raised their target price on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald initiated coverage on Okta in a report on Monday. They issued an “overweight” rating and a $130.00 price target for the company. Robert W. Baird increased their price target on Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Finally, Scotiabank lifted their price objective on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $116.09.

Okta Stock Down 0.5 %

OKTA opened at $104.69 on Monday. The firm has a market cap of $18.17 billion, a P/E ratio of -299.11, a PEG ratio of 6.42 and a beta of 1.09. The business’s fifty day simple moving average is $101.00 and its 200 day simple moving average is $86.31. Okta has a 52 week low of $70.56 and a 52 week high of $118.07. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total transaction of $242,224.32. Following the completion of the transaction, the insider now directly owns 23,311 shares in the company, valued at approximately $2,088,199.38. This represents a 10.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares of the company’s stock, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 761,197 shares of company stock valued at $70,662,533. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP grew its stake in Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock worth $282,414,000 after purchasing an additional 938,509 shares in the last quarter. Norges Bank bought a new position in Okta during the 4th quarter worth approximately $234,992,000. Geode Capital Management LLC grew its position in shares of Okta by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock worth $212,385,000 after acquiring an additional 135,110 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Okta by 236.8% in the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after acquiring an additional 1,572,786 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after acquiring an additional 1,828,630 shares in the last quarter. 86.64% of the stock is 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.