Okta (NASDAQ:OKTA) Price Target Raised to $94.00 at Canaccord Genuity Group

Okta (NASDAQ:OKTA) had its price objective raised by analysts at Canaccord Genuity Group from $82.00 to $94.00 in a report issued on Wednesday, Marketbeat reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 12.56% from the stock’s current price.

OKTA has been the topic of several other reports. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $92.00 to $97.00 in a report on Monday. DA Davidson upped their price objective on shares of Okta from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday. Needham & Company LLC lifted their price target on Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. Finally, BMO Capital Markets lifted their price target on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $103.77.

Okta Stock Performance

Okta stock opened at $83.51 on Wednesday. The company’s 50-day moving average price is $75.37 and its 200-day moving average price is $84.29. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The company has a market cap of $14.19 billion, a PE ratio of -238.60, a price-to-earnings-growth ratio of 20.94 and a beta of 1.00. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the sale, the director now owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 95.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 607,215 shares of company stock worth $46,304,810 over the last quarter. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of large investors have recently bought and sold shares of the company. Marshall Wace LLP lifted its position in shares of Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Okta in the 3rd quarter valued at $49,373,000. Eminence Capital LP lifted its position in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after buying an additional 305,381 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Okta by 232.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after buying an additional 277,084 shares during the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.