Okta (NASDAQ:OKTA) Price Target Raised to $105.00

Okta (NASDAQ:OKTA) had its price objective upped by Barclays from $96.00 to $105.00 in a research note published on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms have also issued reports on OKTA. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $92.00 to $97.00 in a research note on Monday, December 2nd. Guggenheim reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. The Goldman Sachs Group boosted their target price on shares of Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their target price on shares of Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Finally, Piper Sandler boosted their target price on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. One 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $106.13.

Okta Stock Down 1.8 %

OKTA stock opened at $95.19 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. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The company has a fifty day simple moving average of $88.43 and a 200 day simple moving average of $82.47. The firm has a market cap of $16.31 billion, a PE ratio of -271.97, a PEG ratio of 6.54 and a beta of 1.03.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 131,426 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the sale, the director now owns 1,622 shares of the company’s stock, valued at $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $2,159,178.75. The trade was a 11.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 980,908 shares of company stock valued at $85,025,665 over the last quarter. 7.00% of the stock is owned by company insiders.

Institutional Trading of Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. bought a new stake in Okta in the third quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new stake in Okta during the fourth quarter worth about $25,000. Blue Trust Inc. grew its stake in Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after buying an additional 191 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Okta during the third quarter worth about $32,000. Finally, TD Private Client Wealth LLC grew its stake in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the last quarter. 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.