Okta (NASDAQ:OKTA) Price Target Raised to $110.00

Okta (NASDAQ:OKTA) had its price target lifted by Citigroup from $100.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research firms have also weighed in on OKTA. The Goldman Sachs Group upped their target price on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Scotiabank lifted their target price on shares of Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Canaccord Genuity Group increased their price target on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Finally, UBS Group lifted their price objective on Okta from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $113.10.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $111.22 on Tuesday. The firm has a market capitalization of $19.06 billion, a price-to-earnings ratio of -317.77, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The business’s 50 day simple moving average is $90.54 and its 200-day simple moving average is $82.70. Okta has a 12 month low of $70.56 and a 12 month high of $116.96.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 979,482 shares of company stock worth $88,072,216. 7.00% of the stock is currently owned by company insiders.

Institutional Trading of Okta

A number of hedge funds have recently made changes to their positions in the company. Paloma Partners Management Co purchased a new position in shares of Okta in the third quarter valued at $969,000. Stifel Financial Corp lifted its stake in shares of Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after acquiring an additional 13,387 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Okta in the fourth quarter valued at about $1,686,000. Nordea Investment Management AB grew its stake in Okta by 1,150.2% during the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after purchasing an additional 382,190 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Okta by 105.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after purchasing an additional 184,107 shares during the last quarter. 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.