Okta (NASDAQ:OKTA) Price Target Raised to $115.00

Okta (NASDAQ:OKTA) had its target price increased by equities research analysts at Stifel Nicolaus from $108.00 to $115.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential upside of 40.74% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada decreased their target price on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. DA Davidson decreased their target price on Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. BTIG Research reduced their price target on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research report on Thursday, October 17th. Truist Financial reduced their price target on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and reduced their price target for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $101.10.

Okta Stock Performance

Okta stock opened at $81.71 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The firm has a market capitalization of $13.88 billion, a P/E ratio of -97.27, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00. The company’s 50-day moving average is $75.15 and its 200 day moving average is $84.27.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,790 shares of the firm’s 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 completion of the sale, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the sale, the executive now directly owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 475,789 shares of company stock worth $35,701,361 over the last quarter. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta in the third quarter valued at $25,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Okta in the third quarter valued at $26,000. Blue Trust Inc. grew its stake in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Okta in the third quarter valued at $32,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of 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 buying an additional 142 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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.