Okta (NASDAQ:OKTA) Given New $94.00 Price Target at Canaccord Genuity Group

Okta (NASDAQ:OKTA) had its target price boosted by Canaccord Genuity Group from $82.00 to $94.00 in a report issued on Wednesday,Briefing.com Automated Import reports. They currently have a hold rating on the stock.

A number of other research analysts also recently commented on OKTA. Susquehanna upped their price objective on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday. Barclays upped their price objective on Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday. Canaccord Genuity Group cut their price objective on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a report on Friday, October 18th. BMO Capital Markets upped their target price on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a report on Wednesday. Finally, Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $103.07.

Okta Stock Performance

Shares of OKTA opened at $86.11 on Wednesday. Okta has a 52-week low of $70.56 and a 52-week high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a market cap of $14.63 billion, a price-to-earnings ratio of -246.03, a PEG ratio of 19.79 and a beta of 1.00. The business’s 50 day moving average is $75.15 and its two-hundred day moving average is $84.27.

Insider Activity

In related news, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This represents a 11.20 % decrease in their ownership of the stock. The transaction 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 the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 607,215 shares of company stock worth $46,304,810 in the last three months. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Institutional investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new stake in Okta in the third quarter worth approximately $25,000. EverSource Wealth Advisors LLC lifted its stake in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Okta during the 3rd quarter valued at $26,000. Blue Trust Inc. lifted its stake in shares of Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares in the last quarter. Finally, Legacy Investment Solutions LLC purchased a new stake in Okta in the 3rd quarter worth $32,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.