Okta (NASDAQ:OKTA) Raised to Overweight at JPMorgan Chase & Co.

Okta (NASDAQ:OKTA) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage currently has a $100.00 price objective on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 17.07% from the stock’s previous close.

Several other brokerages have also recently weighed in on OKTA. Citigroup boosted their price objective on Okta from $90.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. BMO Capital Markets increased their price target on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler raised their price target on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Sanford C. Bernstein upgraded shares of Okta from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $123.00 to $129.00 in a research report on Thursday, December 5th. Finally, Canaccord Genuity Group increased their target price on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $104.43.

Okta Price Performance

OKTA stock opened at $85.42 on Monday. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The firm has a market capitalization of $14.64 billion, a P/E ratio of -244.06, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. The company has a fifty day simple moving average of $77.34 and a two-hundred day simple moving average of $83.38. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 32,516 shares of Okta stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $76.22, for a total value of $2,478,369.52. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,797 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $217,131.11. Following the completion of the transaction, the insider now owns 24,916 shares of the company’s stock, valued at $1,934,229.08. This represents a 10.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 604,425 shares of company stock valued at $46,098,322 over the last ninety days. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds and other institutional investors have recently bought and sold shares of OKTA. Marshall Wace LLP increased its position in shares of Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Okta in the third quarter valued at about $49,373,000. Eminence Capital LP boosted its holdings in Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Okta by 232.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after acquiring an additional 277,084 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares during the last quarter. Hedge funds and other institutional investors 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.