Morgan Stanley Begins Coverage on Okta (NASDAQ:OKTA)

Morgan Stanley began coverage on shares of Okta (NASDAQ:OKTA) in a report released on Tuesday, MarketBeat reports. The firm set an “overweight” rating and a $125.00 price target on the stock. Morgan Stanley’s target price would indicate a potential upside of 9.57% from the stock’s current price.

OKTA has been the subject of several other reports. BMO Capital Markets upped their target price on Okta from $105.00 to $130.00 and gave the company a “market perform” rating in a report on Monday, March 10th. Royal Bank of Canada upped their target price on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Canaccord Genuity Group upped their target price on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. JPMorgan Chase & Co. increased their price objective on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Finally, DA Davidson raised Okta from a “neutral” rating to a “buy” rating and increased their price objective for the company from $90.00 to $125.00 in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, Okta presently has an average rating of “Moderate Buy” and an average target price of $115.29.

Okta Stock Performance

OKTA stock opened at $114.08 on Tuesday. The firm has a market cap of $19.80 billion, a PE ratio of -325.94, a P/E/G ratio of 6.42 and a beta of 1.09. 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 business has a 50 day moving average of $96.35 and a 200-day moving average of $83.87. Okta has a 12-month low of $70.56 and a 12-month high of $116.96.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Insiders have sold 985,377 shares of company stock worth $88,742,772 over the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its stake in shares of Okta by 52.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock valued at $956,000 after buying an additional 4,171 shares during the last quarter. Fluent Financial LLC bought a new position in shares of Okta during the fourth quarter valued at about $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Okta in the fourth quarter worth about $8,680,000. Forum Financial Management LP bought a new stake in shares of Okta in the fourth quarter worth about $333,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Okta in the fourth quarter worth about $40,000. 86.64% of the stock is 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.