Okta (NASDAQ:OKTA) Price Target Raised to $120.00

Okta (NASDAQ:OKTA) had its price objective hoisted by Royal Bank of Canada from $115.00 to $120.00 in a research note published on Tuesday,Benzinga reports. They currently have an outperform rating on the stock.

OKTA has been the topic of a number of other research reports. Piper Sandler boosted their price target on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. boosted their price target on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Citigroup boosted their target price on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. UBS Group boosted their target price on Okta from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, BTIG Research boosted their target price on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, Okta currently has an average rating of “Moderate Buy” and an average target price of $113.10.

Okta Stock Down 4.4 %

Shares of Okta stock opened at $111.22 on Tuesday. The business’s 50 day simple moving average is $90.54 and its 200 day simple moving average is $82.70. Okta has a 52-week low of $70.56 and a 52-week high of $116.96. The firm has a market cap of $19.06 billion, a PE ratio of -317.77, a P/E/G ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 979,482 shares of company stock worth $88,072,216. 7.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently modified their holdings of OKTA. Frank Rimerman Advisors LLC lifted its stake in shares of 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 acquiring an additional 105 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Okta by 1.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company’s stock valued at $620,000 after acquiring an additional 136 shares during the last quarter. Stephens Inc. AR lifted its stake in shares of Okta by 5.0% in the 4th quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock valued at $260,000 after acquiring 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 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company’s stock valued at $445,000 after acquiring an additional 171 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Okta by 2.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock valued at $605,000 after acquiring an additional 180 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.