Jefferies Financial Group Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price objective hoisted by Jefferies Financial Group from $85.00 to $100.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 22.38% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Citigroup cut their target price on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. DA Davidson cut 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. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $92.00 to $97.00 in a research report on Monday. Piper Sandler cut their target price on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Finally, Truist Financial cut their target price on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $101.10.

Okta Price Performance

Shares of OKTA stock opened at $81.71 on Wednesday. The stock has a 50 day moving average of $75.15 and a two-hundred day moving average of $84.27. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The company has a market capitalization of $13.88 billion, a P/E ratio of -97.27, a P/E/G ratio of 19.79 and a beta of 1.00.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $764,655.50. Following the sale, the executive now owns 14,601 shares in the company, valued at approximately $1,133,475.63. The trade was a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock worth $35,701,361 in the last ninety days. Company insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Oddo BHF Asset Management Sas acquired a new stake in shares of Okta during the third quarter worth $5,343,000. Tidal Investments LLC raised its holdings in shares of Okta by 132.0% during the third quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock worth $1,866,000 after acquiring an additional 14,283 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Okta in the 3rd quarter valued at $108,000. Sanctuary Advisors LLC increased its stake in Okta by 125.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock valued at $861,000 after buying an additional 6,265 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Okta in the 3rd quarter valued at $2,436,000. 86.64% of the stock is currently 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.