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

Okta (NASDAQ:OKTA) had its price target boosted by research analysts at Stifel Nicolaus from $108.00 to $115.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target points to a potential upside of 40.74% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. DA Davidson decreased their price objective on Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Morgan Stanley raised Okta from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $92.00 to $97.00 in a research note on Monday. Scotiabank cut their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 29th. UBS Group cut their price objective on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and cut their price objective for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $101.10.

Okta Stock Up 1.1 %

OKTA opened at $81.71 on Wednesday. The company has a market cap of $13.88 billion, a P/E ratio of -97.27, a P/E/G ratio of 19.79 and a beta of 1.00. The business’s 50-day moving average price is $75.15 and its 200-day moving average price is $84.27. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 12 month low of $70.56 and a 12 month high of $114.50.

Insider Transactions at Okta

In related news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock worth $35,701,361 in the last three months. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OKTA. Itau Unibanco Holding S.A. bought a new position in shares of Okta during the 3rd quarter valued at about $25,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta during the 3rd quarter valued at about $26,000. Blue Trust Inc. raised its position in shares of Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Okta during the 3rd quarter valued at about $32,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

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.