Okta (NASDAQ:OKTA) Upgraded by KeyCorp to Overweight Rating

Okta (NASDAQ:OKTA) was upgraded by equities researchers at KeyCorp from a “sector weight” rating to an “overweight” rating in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a $115.00 price target on the stock. KeyCorp’s target price suggests a potential upside of 41.26% from the stock’s previous close.

Several other brokerages also recently commented on OKTA. Guggenheim reaffirmed a “buy” rating and set a $130.00 target price on shares of Okta in a report on Wednesday, December 4th. Scotiabank boosted their price objective on Okta from $92.00 to $96.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 4th. Barclays increased their target price on Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. UBS Group decreased their price objective on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Canaccord Genuity Group increased their price objective on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $104.77.

Okta Stock Down 4.7 %

OKTA opened at $81.41 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock’s fifty day simple moving average is $77.44 and its 200 day simple moving average is $83.37. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The stock has a market cap of $13.95 billion, a PE ratio of -232.60, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 32,516 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now owns 1,622 shares in the company, valued at $130,862.96. This trade represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 604,425 shares of company stock worth $46,098,322 in the last quarter. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Paloma Partners Management Co purchased a new stake in shares of Okta during the third quarter valued at approximately $969,000. SG Americas Securities LLC raised its position in Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,364 shares during the period. Truist Financial Corp boosted its stake in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Okta by 105.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after acquiring an additional 184,107 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Okta by 7.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after purchasing an additional 8,239 shares during the period. 86.64% of the stock is currently 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.