Citigroup Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its target price increased by investment analysts at Citigroup from $95.00 to $100.00 in a research report issued on Friday, MarketBeat reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 14.56% from the stock’s previous close.

A number of other research firms have also weighed in on OKTA. Guggenheim reiterated a “buy” rating and issued a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $101.00 price target on shares of Okta in a research report on Wednesday, December 4th. Sanford C. Bernstein cut their price objective on shares of Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research report on Tuesday, December 17th. Robert W. Baird upped their target price on shares of Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Finally, The Goldman Sachs Group raised their price target on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $104.61.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $87.29 on Friday. The firm has a market capitalization of $14.96 billion, a PE ratio of -249.40, a P/E/G ratio of 8.52 and a beta of 1.00. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $81.05 and a two-hundred day moving average price of $82.40. Okta has a twelve month low of $70.56 and a twelve month high of $114.50.

Insider Activity

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. The trade was a 11.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 369,949 shares of company stock valued at $30,201,213. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Paloma Partners Management Co purchased a new position in shares of Okta during the third quarter valued at approximately $969,000. SG Americas Securities LLC increased its position in Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after purchasing an additional 9,364 shares during the period. Truist Financial Corp increased its position in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares during the period. Stifel Financial Corp raised its holdings in Okta by 56.1% in the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after purchasing an additional 13,387 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after purchasing an additional 382,190 shares during the period. Institutional investors own 86.64% of the company’s stock.

Okta Company Profile

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.