Okta (NASDAQ:OKTA) Price Target Raised to $115.00

Okta (NASDAQ:OKTA) had its price target upped by Robert W. Baird from $105.00 to $115.00 in a research note issued to investors on Tuesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Several other equities research analysts have also recently weighed in on OKTA. Mizuho reduced their price target on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Canaccord Genuity Group boosted their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Stifel Nicolaus raised their price target on Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. BTIG Research raised their target price on shares of Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group boosted their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $104.45.

Okta Trading Up 0.3 %

Shares of Okta stock opened at $81.69 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The business has a 50-day moving average price of $77.51 and a 200-day moving average price of $83.36. The firm has a market cap of $14.00 billion, a price-to-earnings ratio of -233.40, a PEG ratio of 8.61 and a beta of 1.00.

Insider Activity

In related news, CEO Todd Mckinnon sold 32,516 shares of the company’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares in the company, valued at $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 403,913 shares of company stock worth $31,017,815 over the last three months. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. boosted its position in shares of Okta by 75.4% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after acquiring an additional 4,932 shares during the last quarter. Nicholas Company Inc. increased its position in shares of Okta by 6.0% during the 2nd quarter. Nicholas Company Inc. now owns 203,297 shares of the company’s stock worth $19,031,000 after purchasing an additional 11,585 shares during the last quarter. Rezny Wealth Management Inc. acquired a new position in Okta in the second quarter valued at about $1,194,000. Slow Capital Inc. boosted its stake in Okta by 7.3% during the second quarter. Slow Capital Inc. now owns 28,714 shares of the company’s stock worth $2,688,000 after buying an additional 1,956 shares during the period. Finally, First Command Advisory Services Inc. acquired a new position in Okta during the second quarter worth $47,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.