Okta (NASDAQ:OKTA) Upgraded to Outperform at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Okta (NASDAQ:OKTA) from a market perform rating to an outperform rating in a report released on Thursday morning, MarketBeat.com reports. They currently have $129.00 price objective on the stock, up from their previous price objective of $123.00.

A number of other equities research analysts also recently issued reports on the company. DA Davidson boosted their price target on Okta from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday. Needham & Company LLC upped their target price on Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. Truist Financial reaffirmed a “hold” rating and issued a $92.00 target price (up previously from $80.00) on shares of Okta in a research report on Wednesday. Finally, Guggenheim reiterated a “buy” rating and issued a $130.00 price target on shares of Okta in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $103.77.

Okta Price Performance

OKTA stock opened at $83.51 on Thursday. The stock has a 50-day moving average price of $75.37 and a two-hundred day moving average price of $84.29. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. 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.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This represents a 11.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction 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 directly owns 1,622 shares in the company, valued at approximately $130,862.96. This represents a 98.78 % 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 three months. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OKTA. Tidal Investments LLC boosted its holdings in shares of Okta by 15.7% in the 1st quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock valued at $565,000 after buying an additional 734 shares in the last quarter. Cetera Investment Advisers raised its position in Okta by 87.4% during the 1st quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock worth $1,806,000 after buying an additional 8,051 shares during the last quarter. Cetera Advisors LLC purchased a new position in shares of Okta during the 1st quarter valued at approximately $946,000. EverSource Wealth Advisors LLC increased its holdings in shares of Okta by 71.4% during the 1st 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 holdings in shares of Okta by 10.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 5,115 shares of the company’s stock valued at $479,000 after purchasing an additional 465 shares in the last quarter. Hedge funds and other institutional investors 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.