Cantor Fitzgerald Initiates Coverage on Okta (NASDAQ:OKTA)

Equities research analysts at Cantor Fitzgerald began coverage on shares of Okta (NASDAQ:OKTA) in a report released on Monday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $130.00 price target on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 24.18% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Stifel Nicolaus raised their price target on shares of Okta from $115.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Canaccord Genuity Group raised their target price on shares of Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Barclays upped their price target on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. Jefferies Financial Group raised their price objective on Okta from $90.00 to $110.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. Finally, BMO Capital Markets upped their target price on Okta from $105.00 to $130.00 and gave the stock a “market perform” rating in a research report on Monday, March 10th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.09.

Okta Price Performance

OKTA stock opened at $104.69 on Monday. The company has a market cap of $18.17 billion, a PE ratio of -299.11, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a 50-day moving average price of $101.00 and a two-hundred day moving average price of $86.31. Okta has a 12-month low of $70.56 and a 12-month high of $118.07.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. This trade represents a 34.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total transaction of $33,965,100.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 761,197 shares of company stock valued at $70,662,533. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. acquired a new stake in Okta during the 3rd quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new position in Okta during the fourth quarter valued at $25,000. Legacy Investment Solutions LLC acquired a new position in Okta during the third quarter valued at $32,000. TD Private Client Wealth LLC lifted its stake in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after acquiring an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Okta during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.