Okta (NASDAQ:OKTA) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Okta (NASDAQ:OKTA) from a neutral rating to an overweight rating in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage currently has $100.00 price objective on the stock.

OKTA has been the subject of a number of other reports. UBS Group reduced their target price on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Truist Financial reiterated a “hold” rating and set a $92.00 price objective (up from $80.00) on shares of Okta in a report on Wednesday, December 4th. The Goldman Sachs Group boosted their target price on Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. BMO Capital Markets raised their price target on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Susquehanna lifted their price objective on shares of Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Okta has an average rating of “Hold” and a consensus price target of $104.43.

Okta Stock Down 4.7 %

Okta stock opened at $81.41 on Monday. The company has a 50 day moving average of $77.44 and a 200-day moving average of $83.37. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The stock has a market capitalization of $13.95 billion, a PE ratio of -232.60, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00.

Insider Buying and Selling at Okta

In other news, CEO Todd Mckinnon sold 200,512 shares of the company’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 value of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the transaction, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 604,425 shares of company stock valued at $46,098,322 in the last quarter. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. 272 Capital LP bought a new stake in shares of Okta in the third quarter valued at about $1,241,000. Oddo BHF Asset Management Sas acquired a new stake in Okta in the 3rd quarter worth about $5,343,000. Tidal Investments LLC boosted its holdings in Okta by 132.0% in the 3rd quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock valued at $1,866,000 after purchasing an additional 14,283 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Okta during the 3rd quarter worth approximately $108,000. Finally, Sanctuary Advisors LLC increased its holdings in shares of Okta by 125.8% during the third quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock worth $861,000 after purchasing an additional 6,265 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

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.