Okta (NASDAQ:OKTA) Price Target Raised to $135.00

Okta (NASDAQ:OKTA) had its price objective raised by KeyCorp from $125.00 to $135.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on OKTA. BTIG Research lifted their target price on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Scotiabank lowered their price target on Okta from $96.00 to $94.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 21st. Piper Sandler lifted their price target on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Susquehanna lifted their price target on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, JMP Securities reiterated a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, Okta has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $108.31 on Tuesday. 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 stock has a market capitalization of $18.56 billion, a price-to-earnings ratio of -309.46, a PEG ratio of 6.42 and a beta of 1.09. The stock’s fifty day simple moving average is $89.88 and its 200 day simple moving average is $82.47. Okta has a 52-week low of $70.56 and a 52-week high of $114.50.

Insider Transactions at Okta

In related news, CFO Brett Tighe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares in the company, valued at $10,015,437. This represents a 4.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,482 shares of company stock worth $74,422,216. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Okta

Hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. bought a new stake in shares of Okta in the 3rd quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Okta in the 4th quarter worth approximately $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Okta in the 3rd quarter worth approximately $32,000. TD Private Client Wealth LLC lifted its position in shares of Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after acquiring an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Okta in the 4th quarter worth approximately $40,000. Institutional investors 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.