Jefferies Financial Group Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price target increased by equities researchers at Jefferies Financial Group from $85.00 to $100.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Jefferies Financial Group’s price objective suggests a potential upside of 22.38% from the stock’s previous close.

OKTA has been the topic of a number of other reports. Wells Fargo & Company cut their target price on Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 17th. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and cut their target price for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. Robert W. Baird upped their target price on Okta from $95.00 to $105.00 and gave the company an “outperform” rating in a research report on Wednesday. Canaccord Genuity Group cut their target price on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Friday, October 18th. Finally, Morgan Stanley raised Okta from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $92.00 to $97.00 in a research report on Monday. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $101.10.

Okta Stock Performance

Okta stock opened at $81.71 on Wednesday. The stock’s 50 day moving average price is $75.15 and its 200 day moving average price is $84.27. The firm has a market capitalization of $13.88 billion, a PE ratio of -97.27, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. Okta has a one year low of $70.56 and a one year high of $114.50.

Insider Activity

In related news, CEO Todd Mckinnon sold 200,512 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the sale, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. This represents a 95.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock valued at $35,701,361 over the last three months. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Marshall Wace LLP increased its position in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares during the last quarter. Eminence Capital LP increased its holdings in shares of Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares during the last quarter. Primecap Management Co. CA increased its holdings in shares of Okta by 0.8% during the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after acquiring an additional 10,800 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Okta by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after acquiring an additional 17,950 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Okta by 20.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after acquiring an additional 178,011 shares during the last quarter. 86.64% of the stock is 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.