Okta’s (OKTA) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Okta (NASDAQ:OKTA) in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a $115.00 price objective on the stock.

Other analysts have also issued research reports about the stock. DA Davidson upped their target price on shares of Okta from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Canaccord Genuity Group increased their price objective on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $92.00 to $97.00 in a research report on Monday, December 2nd. Barclays raised their price target on Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Finally, Scotiabank cut their price objective on Okta from $96.00 to $94.00 and set a “sector perform” rating for the company in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $104.55.

Okta Stock Up 0.0 %

OKTA stock opened at $97.47 on Tuesday. The stock has a 50-day simple moving average of $85.60 and a two-hundred day simple moving average of $82.19. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The firm has a market capitalization of $16.70 billion, a PE ratio of -278.49, a PEG ratio of 9.52 and a beta of 1.03. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction on Monday, December 30th. The shares were 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 in the company, valued at $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction on 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. In the last three months, insiders have sold 913,168 shares of company stock worth $78,420,769. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Paloma Partners Management Co bought a new stake in shares of Okta during the third quarter valued at approximately $969,000. SG Americas Securities LLC increased its stake in shares of Okta by 122.3% in the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,364 shares in the last quarter. Stifel Financial Corp lifted its position in Okta by 56.1% during the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock valued at $2,770,000 after acquiring an additional 13,387 shares during the period. Nordea Investment Management AB grew its holdings in Okta by 1,150.2% in the fourth 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 during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares in 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.