Okta (NASDAQ:OKTA) Price Target Raised to $100.00 at Wells Fargo & Company

Okta (NASDAQ:OKTA) had its price objective raised by equities researchers at Wells Fargo & Company from $95.00 to $100.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 14.73% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Mizuho upgraded shares of Okta from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $110.00 to $127.00 in a research report on Tuesday. KeyCorp upped their price target on Okta from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. Truist Financial reiterated a “hold” rating and issued a $92.00 price objective (up from $80.00) on shares of Okta in a research report on Wednesday, December 4th. UBS Group boosted their price objective on Okta from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, Susquehanna lifted their price target on shares of Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and a consensus target price of $108.77.

Okta Stock Down 3.7 %

NASDAQ OKTA opened at $87.16 on Tuesday. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The company has a market capitalization of $14.94 billion, a price-to-earnings ratio of -249.03, a PEG ratio of 6.42 and a beta of 1.03. The stock’s 50 day moving average is $89.37 and its two-hundred day moving average is $82.38. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the sale, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total value of $6,337,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 849,482 shares of company stock valued at $74,422,216. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Paloma Partners Management Co purchased a new stake in Okta in the 3rd quarter valued at about $969,000. Stifel Financial Corp grew its holdings in shares of Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock valued at $2,770,000 after acquiring an additional 13,387 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after acquiring an additional 382,190 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after acquiring an additional 184,107 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Okta by 7.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after acquiring an additional 8,239 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.