Okta (NASDAQ:OKTA) Receives “Buy” Rating from Westpark Capital

Westpark Capital reaffirmed their buy rating on shares of Okta (NASDAQ:OKTA) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $140.00 price target on the stock.

Several other brokerages have also weighed in on OKTA. DA Davidson lowered their target price on shares of Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. Truist Financial cut their price target on shares of Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. Jefferies Financial Group cut their price target on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, September 24th. BTIG Research cut their price target on shares of Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. Finally, Bank of America cut Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $103.07.

Okta Price Performance

Shares of OKTA stock opened at $86.11 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The company has a market capitalization of $14.63 billion, a PE ratio of -246.03, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00. The firm’s 50-day moving average is $75.15 and its two-hundred day moving average is $84.27. Okta has a 12 month low of $70.56 and a 12 month high of $114.50.

Insider Buying and Selling at Okta

In other Okta news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the sale, the insider now owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold a total of 607,215 shares of company stock valued at $46,304,810 in the last ninety days. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Tidal Investments LLC boosted its holdings in Okta by 15.7% in the 1st quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock valued at $565,000 after purchasing an additional 734 shares in the last quarter. Cetera Investment Advisers increased its holdings in Okta by 87.4% in the first quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock valued at $1,806,000 after buying an additional 8,051 shares in the last quarter. Cetera Advisors LLC purchased a new position in Okta in the first quarter valued at about $946,000. EverSource Wealth Advisors LLC increased its holdings in Okta by 71.4% in the first 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. Finally, Harbor Capital Advisors Inc. increased its holdings in Okta by 10.0% in the second quarter. Harbor Capital Advisors Inc. now owns 5,115 shares of the company’s stock valued at $479,000 after buying an additional 465 shares in the last quarter. Hedge funds and other 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.