BMO Capital Markets Raises Okta (NASDAQ:OKTA) Price Target to $105.00

Okta (NASDAQ:OKTA) had its price objective boosted by BMO Capital Markets from $103.00 to $105.00 in a research report issued on Wednesday,Briefing.com Automated Import reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ target price would indicate a potential upside of 28.50% from the stock’s previous close.

Several other analysts have also recently commented on OKTA. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and decreased their target price for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. Truist Financial reissued a “hold” rating and set a $92.00 price objective (up previously from $80.00) on shares of Okta in a report on Wednesday. DA Davidson lowered their price objective on shares of Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Piper Sandler reduced their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Finally, Wells Fargo & Company lowered their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Okta has an average rating of “Hold” and an average price target of $101.59.

Okta Stock Up 1.1 %

Shares of OKTA opened at $81.71 on Wednesday. The company has a market capitalization of $13.88 billion, a P/E ratio of -97.27, a PEG ratio of 19.79 and a beta of 1.00. Okta has a one year low of $70.56 and a one year high of $114.50. The business’s 50 day simple moving average is $75.15 and its 200-day simple moving average is $84.27. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. This represents a 95.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 475,789 shares of company stock worth $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Tidal Investments LLC boosted its position in Okta by 15.7% during the 1st quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock worth $565,000 after acquiring an additional 734 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Okta by 87.4% in the first quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock worth $1,806,000 after purchasing an additional 8,051 shares in the last quarter. Cetera Advisors LLC acquired a new position in Okta during the first quarter worth $946,000. EverSource Wealth Advisors LLC grew its position in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in Okta by 10.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 5,115 shares of the company’s stock valued at $479,000 after buying an additional 465 shares during the last quarter. 86.64% of the stock is currently owned by 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.