Okta (NASDAQ:OKTA) Price Target Raised to $109.00

Okta (NASDAQ:OKTA) had its price objective boosted by Scotiabank from $94.00 to $109.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a sector perform rating on the stock.

A number of other equities analysts have also issued reports on OKTA. Royal Bank of Canada reiterated an “outperform” rating and issued a $101.00 target price on shares of Okta in a research report on Wednesday, December 4th. KeyCorp increased their target price on shares of Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday. Mizuho upgraded shares of Okta from a “neutral” rating to an “outperform” rating and increased their target price for the company from $110.00 to $127.00 in a research report on Tuesday. Robert W. Baird increased their target price on shares of Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Finally, BTIG Research increased their target price on shares of Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Down 4.4 %

Okta stock opened at $111.22 on Tuesday. The company has a 50-day simple moving average of $90.54 and a 200-day simple moving average of $82.70. The firm has a market capitalization of $19.06 billion, a P/E ratio of -317.77, a P/E/G ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a one year low of $70.56 and a one year high of $116.96.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total value of $267,396.60. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $2,159,178.75. This represents a 11.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was 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. Over the last ninety days, insiders sold 979,482 shares of company stock valued at $88,072,216. 7.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

A number of hedge funds have recently made changes to their positions in the stock. Fluent Financial LLC purchased a new stake in shares of Okta in the fourth quarter worth approximately $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Okta in the fourth quarter worth approximately $8,680,000. Forum Financial Management LP acquired a new position in Okta in the fourth quarter worth approximately $333,000. University of Texas Texas AM Investment Management Co. acquired a new position in Okta in the fourth quarter worth approximately $40,000. Finally, PharVision Advisers LLC acquired a new position in Okta in the fourth quarter worth approximately $299,000. 86.64% of the stock is owned by hedge funds and other 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.