Scotiabank Boosts Okta (NASDAQ:OKTA) Price Target to $96.00

Okta (NASDAQ:OKTA) had its price objective raised by Scotiabank from $92.00 to $96.00 in a research note released on Wednesday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Other analysts have also issued research reports about the stock. Needham & Company LLC lifted their price objective on shares of Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. BTIG Research raised their price target on shares of Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday. Stifel Nicolaus upped their price objective on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group raised their target price on Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Canaccord Genuity Group boosted their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $103.77.

Okta Stock Up 1.5 %

Shares of NASDAQ:OKTA opened at $84.79 on Wednesday. The company has a market capitalization of $14.40 billion, a PE ratio of -242.26, a price-to-earnings-growth ratio of 20.94 and a beta of 1.00. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The business has a fifty day moving average price of $75.77 and a two-hundred day moving average price of $84.16.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 9.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the sale, the director now directly owns 1,622 shares of the company’s stock, valued at $130,862.96. This represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 607,215 shares of company stock valued at $46,304,810 over the last three months. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP lifted its position in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Okta during the third quarter worth approximately $49,373,000. Eminence Capital LP raised its stake in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Okta by 232.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after acquiring an additional 277,084 shares during the last quarter. Finally, Truist Financial Corp boosted its stake 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 purchasing an additional 200,770 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.