Susquehanna Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price target boosted by equities researchers at Susquehanna from $95.00 to $105.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Susquehanna’s price target indicates a potential upside of 2.13% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and decreased their price target for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. KeyCorp increased their price target on Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday. Piper Sandler upped their target price on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Guggenheim reissued a “buy” rating and set a $130.00 price objective on shares of Okta in a research report on Wednesday, December 4th. Finally, BMO Capital Markets lifted their price objective on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, Okta has an average rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Up 18.0 %

Okta stock traded up $15.65 during trading hours on Tuesday, hitting $102.81. The stock had a trading volume of 10,615,003 shares, compared to its average volume of 2,749,359. The stock has a market capitalization of $17.62 billion, a P/E ratio of -293.95, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock’s 50-day moving average price is $89.37 and its 200-day moving average price is $82.38. Okta has a 12-month low of $70.56 and a 12-month high of $114.50.

Insider Activity

In other news, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Okta in the 4th quarter valued at about $234,992,000. Ameriprise Financial Inc. increased its holdings in Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after buying an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. raised its stake in Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after buying an additional 1,699,176 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after buying an additional 1,572,786 shares in the last quarter. Finally, Sachem Head Capital Management LP purchased a new stake in Okta during the fourth quarter worth $105,592,000. 86.64% of the stock is currently owned by 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.