Jefferies Financial Group Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price lifted by stock analysts at Jefferies Financial Group from $85.00 to $100.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 19.75% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Susquehanna decreased their price target on Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. BTIG Research reduced their price objective on shares of Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. DA Davidson reduced their price objective on shares of Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Finally, Royal Bank of Canada reduced their price objective on shares of Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $103.77.

Okta Stock Performance

OKTA opened at $83.51 on Wednesday. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The firm has a market capitalization of $14.19 billion, a P/E ratio of -238.60, a price-to-earnings-growth ratio of 20.94 and a beta of 1.00. The stock’s 50 day moving average price is $75.37 and its two-hundred day moving average price is $84.29. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Activity

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the sale, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. The trade was a 40.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 607,215 shares of company stock valued at $46,304,810. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

A number of large investors have recently bought and sold shares of the business. Itau Unibanco Holding S.A. purchased a new stake in Okta during the 3rd quarter worth approximately $25,000. EverSource Wealth Advisors LLC increased its position in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta in the 3rd quarter valued at approximately $26,000. Blue Trust Inc. raised its position in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the period. Finally, Legacy Investment Solutions LLC acquired a new position in Okta during the 3rd quarter worth about $32,000. Institutional investors and hedge funds 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.