Okta (NASDAQ:OKTA) Given New $105.00 Price Target at JPMorgan Chase & Co.

Okta (NASDAQ:OKTA) had its price target hoisted by analysts at JPMorgan Chase & Co. from $100.00 to $105.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 16.54% from the stock’s current price.

Several other brokerages have also recently issued reports on OKTA. Robert W. Baird lifted their target price on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Morgan Stanley raised Okta from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $92.00 to $97.00 in a research note on Monday, December 2nd. BMO Capital Markets upped their target price on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. DA Davidson boosted their price target on Okta from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, BTIG Research upped their target price on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One equities 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. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $106.29.

Okta Price Performance

Shares of Okta stock traded up $0.91 during trading hours on Friday, hitting $90.10. The company’s stock had a trading volume of 845,901 shares, compared to its average volume of 2,369,781. The business has a 50 day moving average price of $89.16 and a two-hundred day moving average price of $82.61. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The company has a market cap of $15.44 billion, a PE ratio of -257.39, a PEG ratio of 6.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Activity

In related news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the sale, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction that occurred 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 sale, the director now directly owns 1,622 shares in the company, 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 ninety days, insiders sold 980,908 shares of company stock worth $85,025,665. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP lifted its stake in shares of Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock worth $282,414,000 after acquiring an additional 938,509 shares during the period. Norges Bank acquired a new stake in Okta during the 4th quarter valued at approximately $234,992,000. Geode Capital Management LLC increased its position in Okta by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after purchasing an additional 135,110 shares during the period. Point72 Asset Management L.P. increased its position in Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after purchasing an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after purchasing an additional 1,828,630 shares during the period. Institutional investors own 86.64% of the company’s stock.

About Okta

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.