Scotiabank Cuts Okta (NASDAQ:OKTA) Price Target to $94.00

Okta (NASDAQ:OKTA) had its target price trimmed by Scotiabank from $96.00 to $94.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has a sector perform rating on the stock.

Several other brokerages have also recently weighed in on OKTA. KeyCorp raised Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research note on Thursday, December 19th. Robert W. Baird raised their price target on shares of Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. JMP Securities reaffirmed a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. Canaccord Genuity Group lifted their target price on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Finally, Needham & Company LLC upped their price target on shares of Okta from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Okta presently has an average rating of “Hold” and an average price target of $104.55.

Okta Stock Performance

Shares of Okta stock opened at $88.07 on Tuesday. The stock has a market cap of $15.09 billion, a price-to-earnings ratio of -251.63, a P/E/G ratio of 9.03 and a beta of 1.00. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The company’s fifty day moving average is $81.88 and its 200 day moving average is $82.31. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Activity

In related news, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. This trade represents a 11.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brett Tighe sold 5,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares in the company, valued at approximately $10,015,437. The trade was a 4.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 378,255 shares of company stock worth $30,939,951. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta in the third quarter valued at approximately $25,000. Future Financial Wealth Managment LLC bought a new stake in Okta during the 3rd quarter valued at $26,000. Blue Trust Inc. lifted its holdings in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after buying an additional 191 shares during the period. Legacy Investment Solutions LLC bought a new position in shares of Okta during the 3rd quarter worth $32,000. Finally, Modus Advisors LLC purchased a new position in shares of Okta during the fourth quarter valued at $44,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.