The Goldman Sachs Group Raises Okta (NASDAQ:OKTA) Price Target to $123.00

Okta (NASDAQ:OKTA) had its price target upped by equities researchers at The Goldman Sachs Group from $107.00 to $123.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 24.84% from the stock’s current price.

Several other research firms have also issued reports on OKTA. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and dropped their price target for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. Sanford C. Bernstein cut their target price on Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 17th. Royal Bank of Canada restated an “outperform” rating and set a $101.00 price target on shares of Okta in a research report on Wednesday, December 4th. Barclays lifted their price objective on shares of Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Mizuho upgraded shares of Okta from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $110.00 to $127.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $110.13.

Okta Trading Up 8.9 %

NASDAQ OKTA opened at $98.53 on Tuesday. The company has a market capitalization of $16.88 billion, a price-to-earnings ratio of -281.13, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The company’s fifty day moving average price is $89.37 and its two-hundred day moving average price is $82.38.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Large investors have recently made changes to their positions in the business. Frank Rimerman Advisors LLC grew its holdings in Okta by 2.4% in the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock valued at $352,000 after buying an additional 105 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Okta by 1.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company’s stock worth $620,000 after purchasing an additional 136 shares during the last quarter. Stephens Inc. AR raised its position in shares of Okta by 5.0% during the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock valued at $260,000 after buying an additional 157 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in shares of Okta by 3.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company’s stock valued at $445,000 after buying an additional 171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in Okta by 2.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock worth $605,000 after buying an additional 180 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.