Okta (NASDAQ:OKTA) Given New $94.00 Price Target at Canaccord Genuity Group

Okta (NASDAQ:OKTA) had its price target increased by research analysts at Canaccord Genuity Group from $82.00 to $94.00 in a research note issued on Wednesday,Briefing.com Automated Import reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 15.04% from the stock’s previous close.

A number of other equities analysts also recently commented on OKTA. UBS Group reduced their target price on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Needham & Company LLC increased their price target on shares of Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday. Susquehanna increased their price target on shares of Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday. Mizuho dropped their price objective on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Finally, Barclays lifted their price target on shares of Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.53.

Okta Stock Up 1.1 %

NASDAQ OKTA opened at $81.71 on Wednesday. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The company has a fifty day moving average of $75.15 and a two-hundred day moving average of $84.27. The firm has a market capitalization of $13.88 billion, a price-to-earnings ratio of -97.27, a PEG ratio of 19.79 and a beta of 1.00. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Buying and Selling at Okta

In related news, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This trade represents a 40.28 % 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 in the last three months. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new position in Okta in the third quarter valued at approximately $25,000. Future Financial Wealth Managment LLC acquired a new position in Okta in the third quarter valued at approximately $26,000. Blue Trust Inc. lifted its stake in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Okta during the third quarter worth approximately $32,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 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.