Okta (NASDAQ:OKTA) Price Target Raised to $100.00

Okta (NASDAQ:OKTA) had its price target hoisted by research analysts at Truist Financial from $92.00 to $100.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential downside of 2.94% from the company’s previous close.

OKTA has been the subject of several other research reports. Westpark Capital reiterated a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Friday. Piper Sandler lifted their price target on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Susquehanna increased their price objective on shares of Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group lifted their price objective on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada boosted their price target on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $112.61.

Okta Trading Up 18.2 %

NASDAQ:OKTA traded up $15.87 during trading hours on Tuesday, hitting $103.03. 9,996,898 shares of the stock were exchanged, compared to its average volume of 2,739,917. The company’s 50 day moving average is $89.37 and its two-hundred day moving average is $82.38. The company has a market capitalization of $17.65 billion, a P/E ratio of -295.93, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. 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 Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the transaction, the insider now owns 24,462 shares of the company’s stock, valued at $1,969,191. This represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. Insiders have sold 849,482 shares of company stock valued at $74,422,216 over the last quarter. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fluent Financial LLC acquired a new position in Okta during the 4th quarter valued at approximately $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Okta in the fourth quarter worth $8,680,000. Forum Financial Management LP purchased a new position in Okta during the 4th quarter valued at about $333,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Okta in the 4th quarter worth approximately $40,000. Finally, PharVision Advisers LLC purchased a new stake in shares of Okta during the 4th quarter worth about $299,000. 86.64% of the stock is 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.