Stephens Upgrades Okta (NASDAQ:OKTA) to Strong-Buy

Okta (NASDAQ:OKTA) was upgraded by equities researchers at Stephens to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Piper Sandler boosted their price objective on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and set a $115.00 target price on shares of Okta in a report on Tuesday, March 4th. Royal Bank of Canada lifted their price target on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. The Goldman Sachs Group lifted their target price on Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Finally, KeyCorp raised their price objective on Okta from $125.00 to $135.00 and gave the stock an “overweight” 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, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $116.09.

Okta Price Performance

Shares of OKTA stock opened at $104.69 on Monday. The company has a market cap of $18.17 billion, a P/E ratio of -299.11, a P/E/G 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. Okta has a twelve month low of $70.56 and a twelve month high of $118.07. The business has a fifty day simple moving average of $101.00 and a 200 day simple moving average of $86.31.

Insider Buying and Selling at Okta

In related news, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the transaction, the insider now directly owns 9,828 shares in the company, valued at approximately $1,117,935. The trade was a 37.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the sale, the chief financial officer now owns 112,533 shares in the company, valued at approximately $10,015,437. This represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 761,197 shares of company stock worth $70,662,533 over the last ninety days. 7.00% of the stock is currently owned by company insiders.

Institutional Trading of Okta

A number of hedge funds and other institutional investors have recently made changes to their positions in OKTA. SBI Securities Co. Ltd. bought a new stake in shares of Okta during the fourth quarter valued at about $1,686,000. Stifel Financial Corp increased its holdings in Okta by 56.1% during the 3rd 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 during the period. Nordea Investment Management AB lifted its stake in Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after purchasing an additional 382,190 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Okta by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock valued at $87,903,000 after purchasing an additional 46,064 shares during the period. Finally, Sanctuary Advisors LLC grew its position in shares of Okta by 125.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock valued at $861,000 after purchasing an additional 6,265 shares in the last quarter. 86.64% of the stock is currently owned by 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.