Okta (NASDAQ:OKTA) Raised to “Buy” at DA Davidson

DA Davidson upgraded shares of Okta (NASDAQ:OKTA) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, Marketbeat reports. They currently have $125.00 price target on the stock, up from their prior price target of $90.00.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC restated a “buy” rating and set a $115.00 target price on shares of Okta in a research report on Tuesday, February 4th. Scotiabank decreased their price objective on shares of Okta from $96.00 to $94.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 21st. Wells Fargo & Company boosted their price objective on shares of Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Guggenheim reiterated a “buy” rating and issued a $130.00 price objective on shares of Okta in a research report on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Okta Price Performance

Shares of NASDAQ OKTA opened at $108.31 on Tuesday. The firm has a market capitalization of $18.56 billion, a P/E ratio of -309.46, a PEG ratio of 6.42 and a beta of 1.09. Okta has a one year low of $70.56 and a one year high of $114.50. The company’s fifty day moving average is $89.88 and its two-hundred day moving average is $82.47. 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 Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 65,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total transaction of $6,337,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total transaction of $267,396.60. Following the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $2,159,178.75. This trade represents a 11.02 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently bought and sold shares of the stock. Itau Unibanco Holding S.A. purchased a new position in Okta in the 3rd quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new position in Okta in the 4th quarter worth approximately $25,000. Legacy Investment Solutions LLC purchased a new position in Okta in the 3rd quarter worth approximately $32,000. TD Private Client Wealth LLC boosted its holdings in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after acquiring an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Okta in the 4th quarter worth approximately $40,000. 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.