Okta, Inc. (NASDAQ:OKTA) Receives $104.45 Consensus Target Price from Brokerages

Okta, Inc. (NASDAQ:OKTA) has earned an average recommendation of “Hold” from the thirty-two analysts that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $104.45.

OKTA has been the subject of several research analyst reports. Canaccord Genuity Group lifted their target price on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. Needham & Company LLC increased their target price on Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Jefferies Financial Group reduced their price target on Okta from $100.00 to $90.00 and set a “hold” rating for the company in a research note on Thursday. Finally, BTIG Research increased 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.

Okta Trading Up 1.9 %

OKTA stock opened at $83.28 on Friday. Okta has a one year low of $70.56 and a one year high of $114.50. The stock has a market cap of $14.27 billion, a price-to-earnings ratio of -237.94, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. The company has a fifty day moving average price of $77.63 and a two-hundred day moving average price of $83.30. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of the firm’s 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 sold a total of 371,397 shares of company stock valued at $28,539,445 in the last quarter. 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 business. 272 Capital LP bought a new stake in shares of Okta in the third quarter worth $1,241,000. Oddo BHF Asset Management Sas bought a new stake in shares of Okta in the 3rd quarter valued at about $5,343,000. Tidal Investments LLC increased its stake in shares of Okta by 132.0% in the third quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock valued at $1,866,000 after buying an additional 14,283 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Okta during the third quarter worth about $108,000. Finally, Sanctuary Advisors LLC lifted its stake in shares of Okta by 125.8% in the third quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock worth $861,000 after acquiring an additional 6,265 shares during the period. 86.64% of the stock is currently 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.