Okta (NASDAQ:OKTA) Given New $100.00 Price Target at Citigroup

Okta (NASDAQ:OKTA) had its price objective lifted by Citigroup from $95.00 to $100.00 in a research note released on Friday morning, MarketBeat reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on OKTA. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and dropped their price target for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. Canaccord Genuity Group boosted their target price on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $92.00 to $97.00 in a report on Monday, December 2nd. Scotiabank boosted their price objective on shares of Okta from $92.00 to $96.00 and gave the company a “sector perform” rating in a report on Wednesday, December 4th. Finally, KeyCorp raised Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.61.

Okta Stock Up 1.9 %

Shares of OKTA stock opened at $87.29 on Friday. The stock’s fifty day moving average price is $81.05 and its 200 day moving average price is $82.48. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The company has a market cap of $14.96 billion, a price-to-earnings ratio of -249.40, a price-to-earnings-growth ratio of 8.52 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Insider Activity at Okta

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the transaction, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the sale, the director now directly owns 1,622 shares of the company’s stock, valued at $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 369,949 shares of company stock valued at $30,201,213. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Hedge funds have recently made changes to their positions in the company. Paloma Partners Management Co purchased a new position in Okta in the third quarter worth approximately $969,000. SG Americas Securities LLC increased its position in shares of Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after purchasing an additional 9,364 shares during the last quarter. Truist Financial Corp raised its holdings in Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares during the period. Stifel Financial Corp lifted its position in Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock valued at $2,770,000 after buying an additional 13,387 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after buying an additional 382,190 shares during the period. 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.