Okta (NASDAQ:OKTA) Sets New 12-Month High on Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA)’s stock price reached a new 52-week high during mid-day trading on Wednesday after Stifel Nicolaus raised their price target on the stock from $115.00 to $120.00. Stifel Nicolaus currently has a buy rating on the stock. Okta traded as high as $114.87 and last traded at $114.91, with a volume of 7160569 shares changing hands. The stock had previously closed at $108.31.

A number of other brokerages have also recently issued reports on OKTA. Oppenheimer increased their price objective on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday. Royal Bank of Canada raised their price target on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday. BTIG Research upped their price objective on Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Guggenheim reiterated a “buy” rating and set a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Finally, Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $92.00 to $97.00 in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $113.10.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value 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 trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. Insiders have sold a total of 849,482 shares of company stock worth $74,422,216 in the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta during the 3rd quarter valued at $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Okta during the 4th quarter valued at $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Okta during the third quarter valued at about $32,000. TD Private Client Wealth LLC lifted its stake in 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 purchasing an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Okta during the fourth quarter valued at $40,000. 86.64% of the stock is owned by institutional investors.

Okta Trading Up 5.8 %

The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $19.63 billion, a P/E ratio of -327.52, a P/E/G ratio of 6.42 and a beta of 1.09. The stock has a 50-day moving average price of $89.88 and a 200-day moving average price of $82.47.

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.