Okta’s (OKTA) “Buy” Rating Reiterated at Needham & Company LLC

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $115.00 target price on the stock. Needham & Company LLC’s price target would indicate a potential upside of 31.94% from the company’s current price.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company increased their price target 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. Jefferies Financial Group lowered their price target on Okta from $100.00 to $90.00 and set a “hold” rating on the stock in a research report on Thursday, December 19th. JPMorgan Chase & Co. lifted their price objective on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Friday. Canaccord Genuity Group boosted their target price on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus boosted their target price on Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and an average price target of $108.60.

Okta Stock Down 3.7 %

OKTA opened at $87.16 on Tuesday. The company has a market capitalization of $14.94 billion, a P/E ratio of -249.03, a P/E/G ratio of 6.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s fifty day moving average price is $89.37 and its two-hundred day moving average price is $82.38. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50.

Insider Buying and Selling at Okta

In related news, CFO Brett Tighe sold 5,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the transaction, the chief financial officer now owns 112,533 shares in the company, valued at approximately $10,015,437. This represents a 4.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction on Friday, December 20th. The shares were 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 in the last 90 days. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

A number of large investors have recently modified their holdings of OKTA. Fluent Financial LLC acquired a new stake in shares of Okta in the fourth quarter valued at about $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Okta in the fourth quarter valued at approximately $8,680,000. Forum Financial Management LP acquired a new position in shares of Okta during the 4th quarter worth approximately $333,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Okta in the 4th quarter valued at approximately $40,000. Finally, PharVision Advisers LLC bought a new position in shares of Okta in the fourth quarter valued at $299,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.