Okta (NASDAQ:OKTA) Price Target Raised to $130.00

Okta (NASDAQ:OKTA) had its price target raised by BMO Capital Markets from $105.00 to $130.00 in a report published on Monday, MarketBeat.com reports. The firm currently has a market perform rating on the stock.

OKTA has been the topic of several other research reports. Canaccord Genuity Group upped their price objective on Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Piper Sandler increased their target price on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group increased their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and increased their target price for the company from $90.00 to $125.00 in a research report on Tuesday, March 4th. Finally, Citigroup increased their target price on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and a consensus target price of $114.39.

Okta Trading Up 1.7 %

Okta stock opened at $108.78 on Monday. 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 stock’s 50 day simple moving average is $93.39 and its two-hundred day simple moving average is $83.09. The firm has a market cap of $18.64 billion, a PE ratio of -310.80, a P/E/G ratio of 6.42 and a beta of 1.09.

Insider Buying and Selling

In related 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 transaction of $217,672.00. Following the completion of the sale, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction dated 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 ninety days, insiders sold 979,482 shares of company stock valued at $88,072,216. 7.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently bought and sold shares of OKTA. Venturi Wealth Management LLC boosted its holdings in Okta by 71.7% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,116 shares of the company’s stock valued at $83,000 after acquiring an additional 466 shares during the period. RPG Investment Advisory LLC boosted its holdings in Okta by 7.4% during the 3rd quarter. RPG Investment Advisory LLC now owns 83,127 shares of the company’s stock valued at $6,180,000 after acquiring an additional 5,722 shares during the period. Parametrica Management Ltd purchased a new position in Okta during the 3rd quarter valued at about $680,000. Planning Capital Management Corp purchased a new position in Okta during the 3rd quarter valued at about $49,000. Finally, Metis Global Partners LLC boosted its holdings in Okta by 7.1% during the 3rd quarter. Metis Global Partners LLC now owns 3,181 shares of the company’s stock valued at $236,000 after acquiring an additional 212 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.