Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Oppenheimer Analyst Says

Okta (NASDAQ:OKTA) had its price objective hoisted by Oppenheimer from $125.00 to $135.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also issued reports on OKTA. Jefferies Financial Group lifted their price target on shares of Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a report on Tuesday. BTIG Research lifted their price target on shares of Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Canaccord Genuity Group boosted their price objective on shares of Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday. JMP Securities reissued a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Finally, Stifel Nicolaus boosted their price objective on shares of Okta from $108.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $113.10.

Okta Price Performance

NASDAQ OKTA opened at $111.22 on Tuesday. The firm’s fifty day simple moving average is $90.54 and its two-hundred day simple moving average is $82.70. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 12-month low of $70.56 and a 12-month high of $116.96. The firm has a market capitalization of $19.06 billion, a P/E ratio of -317.77, a P/E/G ratio of 6.42 and a beta of 1.09.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total transaction of $33,965,100.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 979,482 shares of company stock worth $88,072,216. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Fluent Financial LLC acquired a new position in shares of Okta during the 4th quarter worth about $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Okta during the 4th quarter worth about $8,680,000. Forum Financial Management LP acquired a new position in shares of Okta during the 4th quarter worth about $333,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Okta during the 4th quarter valued at about $40,000. Finally, PharVision Advisers LLC purchased a new stake in Okta during the 4th quarter valued at about $299,000. Institutional investors and hedge funds 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.