Okta (NASDAQ:OKTA) Price Target Raised to $115.00

Okta (NASDAQ:OKTA) had its price objective upped by Robert W. Baird from $105.00 to $115.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price target would suggest a potential upside of 35.68% from the company’s previous close.

Several other brokerages have also commented on OKTA. Guggenheim restated a “buy” rating and set a $130.00 price target on shares of Okta in a research note on Wednesday, December 4th. Bank of America downgraded shares of Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. JMP Securities reaffirmed a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Stifel Nicolaus upped their price objective on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised shares of Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price objective for the company in a report on Monday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $104.60.

Okta Stock Performance

Shares of OKTA opened at $84.76 on Tuesday. The company’s fifty day moving average is $77.10 and its 200-day moving average is $83.40. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The firm has a market cap of $14.52 billion, a price-to-earnings ratio of -242.17, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. 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 Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. The trade was a 95.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,797 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $217,131.11. Following the completion of the transaction, the insider now directly owns 24,916 shares of the company’s stock, valued at approximately $1,934,229.08. This represents a 10.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 604,425 shares of company stock worth $46,098,322 in the last quarter. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently modified their holdings of the stock. Paloma Partners Management Co bought a new stake in shares of Okta during the third quarter worth approximately $969,000. SG Americas Securities LLC raised its stake in shares of Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after buying an additional 9,364 shares during the last quarter. Truist Financial Corp raised its stake in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after buying an additional 200,770 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after buying an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Okta by 7.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after buying an additional 8,239 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

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.