Wells Fargo & Company Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price upped by Wells Fargo & Company from $80.00 to $95.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other analysts have also recently issued reports on OKTA. Piper Sandler lifted their target price on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday. UBS Group reduced their price objective on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. BMO Capital Markets boosted their price objective on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, Guggenheim restated a “buy” rating and issued a $130.00 price objective on shares of Okta in a research note on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $103.77.

Okta Price Performance

NASDAQ OKTA opened at $84.79 on Thursday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $14.40 billion, a PE ratio of -242.26, a price-to-earnings-growth ratio of 22.07 and a beta of 1.00. The company has a 50 day moving average price of $75.77 and a two-hundred day moving average price of $84.04. Okta has a 12-month low of $70.56 and a 12-month high of $114.50.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the sale, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the sale, the director now owns 1,622 shares in the company, valued at $130,862.96. This represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 607,215 shares of company stock valued at $46,304,810 in the last 90 days. 7.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

Institutional investors and hedge funds have recently made changes to their positions in the company. 272 Capital LP acquired a new position in Okta during the 3rd quarter worth about $1,241,000. Oddo BHF Asset Management Sas acquired a new position in Okta during the 3rd quarter worth about $5,343,000. Tidal Investments LLC lifted its position in Okta by 132.0% during the 3rd quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock worth $1,866,000 after buying an additional 14,283 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Okta during the 3rd quarter worth about $108,000. Finally, Sanctuary Advisors LLC lifted its position in Okta by 125.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock worth $861,000 after buying an additional 6,265 shares in the last quarter. 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.