Royal Bank of Canada Reaffirms Outperform Rating for Okta (NASDAQ:OKTA)

Royal Bank of Canada restated their outperform rating on shares of Okta (NASDAQ:OKTAFree Report) in a research report report published on Monday morning, Benzinga reports. They currently have a $125.00 price target on the stock.

Other research analysts have also issued reports about the stock. UBS Group reduced their target price on shares of Okta from $130.00 to $120.00 and set a buy rating for the company in a research note on Thursday, May 30th. Piper Sandler boosted their price target on shares of Okta from $85.00 to $110.00 and gave the company a neutral rating in a report on Thursday, February 29th. JPMorgan Chase & Co. upped their price objective on shares of Okta from $105.00 to $110.00 and gave the company a neutral rating in a research note on Thursday, May 30th. Evercore ISI raised shares of Okta from an in-line rating to an outperform rating and boosted their target price for the stock from $102.00 to $122.00 in a research report on Thursday, May 30th. Finally, Wedbush reissued an outperform rating and issued a $130.00 target price on shares of Okta in a research report on Wednesday, May 29th. Nineteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Okta currently has a consensus rating of Hold and an average target price of $104.48.

Check Out Our Latest Research Report on OKTA

Okta Price Performance

Shares of NASDAQ:OKTA opened at $87.54 on Monday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.19. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. The firm has a 50-day simple moving average of $94.50 and a 200 day simple moving average of $92.08. The company has a market cap of $14.73 billion, a PE ratio of -52.42 and a beta of 1.03.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 18,878 shares of Okta stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $87.19, for a total transaction of $1,645,972.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 7.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently modified their holdings of OKTA. City State Bank grew its position in shares of Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after buying an additional 160 shares during the period. GAMMA Investing LLC acquired a new position in Okta during the fourth quarter valued at approximately $29,000. EverSource Wealth Advisors LLC grew its holdings in Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the period. Venturi Wealth Management LLC boosted its holdings in shares of Okta by 50.4% in the first quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock valued at $41,000 after buying an additional 131 shares during the period. Finally, Principal Securities Inc. acquired a new position in shares of Okta in the fourth quarter valued at approximately $48,000. 86.64% of the stock is owned by institutional investors.

About Okta

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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.

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