Okta (NASDAQ:OKTA) Given New $120.00 Price Target at Royal Bank of Canada

Okta (NASDAQ:OKTA) had its price objective increased by research analysts at Royal Bank of Canada from $115.00 to $120.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 16.38% from the stock’s previous close.

Several other research firms have also issued reports on OKTA. Citigroup lifted their price objective on shares of Okta from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Mizuho raised Okta from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $110.00 to $127.00 in a research report on Tuesday. BMO Capital Markets lifted their target price on shares of Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Barclays upped their price target on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Wells Fargo & Company raised their price objective on shares of Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.27.

Okta Stock Up 18.3 %

Shares of OKTA traded up $15.95 during midday trading on Tuesday, reaching $103.11. 5,698,191 shares of the stock were exchanged, compared to its average volume of 2,625,920. The company has a market cap of $17.67 billion, a price-to-earnings ratio of -294.59, a P/E/G ratio of 6.42 and a beta of 1.09. The firm has a 50 day simple moving average of $89.37 and a 200-day simple moving average of $82.38. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,740 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $2,159,178.75. This trade represents a 11.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 849,482 shares of company stock worth $74,422,216. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. purchased a new stake in Okta in the 3rd quarter worth about $25,000. Bank of Jackson Hole Trust bought a new position in Okta in the 4th quarter worth about $25,000. Legacy Investment Solutions LLC bought a new position in shares of Okta in the third quarter worth approximately $32,000. TD Private Client Wealth LLC raised its stake in Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after purchasing an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Okta during the fourth quarter valued at approximately $40,000. 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.