Robert W. Baird Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price increased by Robert W. Baird from $105.00 to $115.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms have also recently commented on OKTA. Mizuho lowered their target price on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Royal Bank of Canada restated an “outperform” rating and issued a $101.00 price target on shares of Okta in a research note on Wednesday, December 4th. BTIG Research upped their price objective on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Wednesday, December 4th. One research 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 MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $104.45.

Okta Stock Performance

NASDAQ:OKTA opened at $81.69 on Tuesday. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The company has a fifty day simple moving average of $77.51 and a two-hundred day simple moving average of $83.36. 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 market cap of $14.00 billion, a price-to-earnings ratio of -233.40, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 32,516 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. The trade was a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 403,913 shares of company stock worth $31,017,815. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently bought and sold shares of OKTA. Paloma Partners Management Co purchased a new position in shares of Okta in the third quarter valued at $969,000. SG Americas Securities LLC grew its stake in Okta by 122.3% in the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after acquiring an additional 9,364 shares during the last quarter. Truist Financial Corp increased its holdings 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 acquiring an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after acquiring an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Okta by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after purchasing an additional 8,239 shares in the last quarter. 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.