Okta (NASDAQ:OKTA) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of Okta (NASDAQ:OKTA) in a report issued on Monday, MarketBeat.com reports. The brokerage issued an overweight rating and a $130.00 target price on the stock.

Several other analysts have also recently issued reports on the stock. Westpark Capital reaffirmed a “buy” rating and issued a $140.00 price target on shares of Okta in a report on Friday, February 28th. Citigroup boosted their target price on shares of Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Royal Bank of Canada increased their price target on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Guggenheim reissued a “buy” rating and issued a $130.00 price objective on shares of Okta in a report on Wednesday, December 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $115.00 price objective on shares of Okta in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.09.

Okta Price Performance

OKTA stock opened at $105.38 on Monday. The stock’s 50 day moving average is $101.33 and its two-hundred day moving average is $86.45. Okta has a 52-week low of $70.56 and a 52-week high of $118.07. The company has a market capitalization of $18.29 billion, a PE ratio of -301.09, a P/E/G ratio of 6.42 and a beta of 1.09. 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 other news, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total value of $242,224.32. Following the completion of the sale, the insider now owns 23,311 shares in the company, valued at $2,088,199.38. This represents a 10.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brett Tighe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the transaction, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at $10,015,437. This represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 761,197 shares of company stock worth $70,662,533 over the last three months. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of Jackson Hole Trust acquired a new position in Okta in the fourth quarter worth approximately $25,000. Itau Unibanco Holding S.A. bought a new stake in shares of Okta during the 3rd quarter worth $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Okta during the 3rd quarter worth $32,000. TD Private Client Wealth LLC grew its holdings in shares of Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after acquiring an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Okta during the fourth quarter worth $40,000. 86.64% of the stock is currently owned by institutional investors.

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.