Wells Fargo & Company Boosts Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its target price lifted by Wells Fargo & Company from $95.00 to $100.00 in a research note published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other research firms also recently weighed in on OKTA. Canaccord Genuity Group lifted 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $115.00 target price on shares of Okta in a research report on Tuesday. BTIG Research boosted their price objective on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Barclays boosted their price objective on Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, JMP Securities reissued a “market perform” rating on shares of Okta in a research report on Wednesday, December 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 company’s stock. Based on data from MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Up 24.3 %

Shares of NASDAQ:OKTA opened at $108.31 on Tuesday. The business has a 50-day moving average price of $89.88 and a 200 day moving average price of $82.47. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $18.56 billion, a price-to-earnings ratio of -309.46, a PEG ratio of 6.42 and a beta of 1.09. Okta has a 12-month low of $70.56 and a 12-month high of $114.50.

Insider Buying and Selling at Okta

In other news, Director Jacques Frederic Kerrest sold 3,306 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total transaction of $293,738.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the sale, the insider now owns 24,462 shares of the company’s stock, valued at $1,969,191. This trade represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 849,482 shares of company stock worth $74,422,216. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

Large investors have recently modified their holdings of the stock. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta during the third quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Okta during the fourth quarter worth approximately $25,000. Legacy Investment Solutions LLC purchased a new stake in shares of Okta during the third quarter worth approximately $32,000. TD Private Client Wealth LLC raised its stake in shares of Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after purchasing an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in Okta during the fourth quarter worth $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.