Okta, Inc. (NASDAQ:OKTA) Receives $115.29 Average Target Price from Brokerages

Shares of Okta, Inc. (NASDAQ:OKTA) have earned a consensus recommendation of “Moderate Buy” from the thirty-four research firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and nineteen have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $116.09.

A number of research analysts have commented on OKTA shares. Scotiabank increased their price target on shares of Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research report on Tuesday, March 4th. Westpark Capital reiterated a “buy” rating and issued a $140.00 target price on shares of Okta in a research report on Friday, February 28th. Canaccord Genuity Group boosted their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Sanford C. Bernstein cut their price target on shares of Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research report on Tuesday, December 17th. Finally, Royal Bank of Canada lifted their price objective on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $104.69 on Friday. The stock has a market cap of $18.17 billion, a price-to-earnings ratio of -299.11, a P/E/G 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. Okta has a 1-year low of $70.56 and a 1-year high of $118.07. The stock’s 50-day moving average is $101.00 and its 200 day moving average is $86.31.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the transaction, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 761,197 shares of company stock valued at $70,662,533. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in Okta by 68.8% during the 4th quarter. Wellington Management Group LLP now owns 34,042 shares of the company’s stock valued at $2,683,000 after buying an additional 13,869 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Okta by 52.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock worth $956,000 after acquiring an additional 4,171 shares during the last quarter. Fluent Financial LLC purchased a new stake in shares of Okta in the fourth quarter worth $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Okta during the fourth quarter valued at $8,680,000. Finally, Forum Financial Management LP purchased a new position in shares of Okta in the 4th quarter worth about $333,000. 86.64% of the stock is owned by institutional investors.

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.