Robert W. Baird Increases Okta (NASDAQ:OKTA) Price Target to $130.00

Okta (NASDAQ:OKTA) had its target price increased by investment analysts at Robert W. Baird from $115.00 to $130.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s target price would suggest a potential upside of 25.85% from the company’s previous close.

Several other equities research analysts also recently commented on the company. KeyCorp raised their target price on Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $115.00 price objective on shares of Okta in a research note on Tuesday. Deutsche Bank Aktiengesellschaft downgraded shares of Okta from a “buy” rating to a “hold” rating and decreased their target price for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. Citigroup increased their price target on Okta from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Royal Bank of Canada lifted their price objective on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $111.27.

Okta Trading Up 18.5 %

Shares of OKTA stock traded up $16.14 on Tuesday, reaching $103.30. 5,698,191 shares of the stock were exchanged, compared to its average volume of 2,625,920. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The stock has a market cap of $17.70 billion, a P/E ratio of -294.59, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average of $89.37 and a two-hundred day moving average of $82.38.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 65,000 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total transaction of $6,337,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,704 shares of the business’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 transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 849,482 shares of company stock worth $74,422,216. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several large investors have recently made changes to their positions in the business. Paloma Partners Management Co acquired a new position in shares of Okta during the third quarter worth approximately $969,000. Stifel Financial Corp grew its position in Okta by 56.1% in the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after purchasing an additional 13,387 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Okta by 1,150.2% during the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after purchasing an additional 382,190 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after buying an additional 184,107 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 buying an additional 8,239 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.