Okta’s (OKTA) Buy Rating Reaffirmed at Westpark Capital

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating restated by equities researchers at Westpark Capital in a report released on Wednesday,Benzinga reports. They currently have a $140.00 price target on the stock. Westpark Capital’s price target would indicate a potential upside of 67.64% from the stock’s current price.

OKTA has been the topic of a number of other reports. Barclays assumed coverage on shares of Okta in a research note on Tuesday, November 19th. They issued an “equal weight” rating and a $81.00 price target on the stock. Susquehanna dropped their price target on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Royal Bank of Canada lowered their price objective on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and lowered their price objective for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. Finally, Jefferies Financial Group decreased their price target on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Okta presently has an average rating of “Hold” and an average price target of $103.77.

Okta Price Performance

OKTA stock opened at $83.51 on Wednesday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The firm has a market cap of $14.19 billion, a P/E ratio of -247.03, a P/E/G ratio of 20.94 and a beta of 1.00. The company’s 50-day moving average price is $75.37 and its two-hundred day moving average price is $84.29.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. This represents a 11.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. Insiders have sold a total of 607,215 shares of company stock valued at $46,304,810 over the last three months. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace LLP grew its position in Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares during the last quarter. Eminence Capital LP increased its position in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after purchasing an additional 305,381 shares during the period. Primecap Management Co. CA increased its position in Okta by 0.8% during the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after purchasing an additional 10,800 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Okta by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after buying an additional 17,950 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Okta by 20.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after buying an additional 178,011 shares in the last quarter. 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.