Okta, Inc. (NASDAQ:OKTA) Receives Consensus Recommendation of “Hold” from Brokerages

Okta, Inc. (NASDAQ:OKTA) has received an average rating of “Hold” from the twenty-nine research firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seventeen have given a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $105.14.

A number of research analysts have issued reports on OKTA shares. JPMorgan Chase & Co. reduced their target price on shares of Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. BMO Capital Markets upped their price objective on shares of Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research note on Thursday, August 29th. Evercore ISI raised shares of Okta from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $102.00 to $122.00 in a research note on Thursday, May 30th. Truist Financial reiterated a “hold” rating and issued a $95.00 price target (down from $105.00) on shares of Okta in a report on Thursday, August 29th. Finally, The Goldman Sachs Group decreased their price objective on Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a report on Thursday, August 29th.

Okta Stock Performance

NASDAQ OKTA opened at $74.21 on Wednesday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. The business has a fifty day moving average of $88.92 and a 200-day moving average of $94.45. The stock has a market cap of $12.48 billion, a price-to-earnings ratio of -44.44, a price-to-earnings-growth ratio of 40.71 and a beta of 1.02.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the sale, the chief executive officer now owns 47,883 shares in the company, valued at $4,473,229.86. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Todd Mckinnon sold 179,687 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the transaction, the chief executive officer now directly owns 47,883 shares in the company, valued at $4,473,229.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. The disclosure for this sale can be found here. Insiders have sold a total of 348,963 shares of company stock worth $32,972,289 over the last quarter. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gilbert & Cook Inc. raised its holdings in Okta by 21.4% in the fourth quarter. Gilbert & Cook Inc. now owns 15,196 shares of the company’s stock valued at $1,376,000 after acquiring an additional 2,676 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Okta by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 967,688 shares of the company’s stock valued at $87,605,000 after buying an additional 29,591 shares during the last quarter. Principal Securities Inc. bought a new stake in Okta in the fourth quarter valued at about $48,000. Forum Financial Management LP acquired a new stake in Okta during the fourth quarter valued at approximately $224,000. Finally, Westpac Banking Corp lifted its holdings in Okta by 81.8% during the 4th quarter. Westpac Banking Corp now owns 5,941 shares of the company’s stock worth $538,000 after buying an additional 2,674 shares during the last quarter. 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.