Okta (NASDAQ:OKTA) Price Target Raised to $95.00

Okta (NASDAQ:OKTA) had its target price lifted by Citigroup from $90.00 to $95.00 in a report issued on Wednesday, Marketbeat.com reports. They currently have a neutral rating on the stock.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group boosted their price target on shares of Okta from $85.00 to $100.00 and gave the stock a “hold” rating in a research report on Wednesday. Royal Bank of Canada lowered their target price on Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Stifel Nicolaus upped their price target on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday. Wells Fargo & Company reduced their price objective 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. Finally, Morgan Stanley upgraded 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 report on Monday, December 2nd. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $103.77.

Okta Trading Up 1.5 %

Shares of OKTA stock opened at $84.79 on Wednesday. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The stock’s fifty day moving average is $75.77 and its two-hundred day moving average is $84.16. The firm has a market capitalization of $14.40 billion, a P/E ratio of -242.26, a PEG ratio of 20.94 and a beta of 1.00.

Insider Activity at Okta

In other news, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the sale, the director now directly owns 1,622 shares in the company, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. The trade was a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 607,215 shares of company stock worth $46,304,810. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP increased its stake in shares of Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the period. Eminence Capital LP grew its holdings in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Primecap Management Co. CA increased its position in shares of Okta by 0.8% in the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after purchasing an additional 10,800 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Okta by 1.7% in 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 purchasing an additional 17,950 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position 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 worth $96,388,000 after purchasing an additional 178,011 shares during 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.