UBS Group Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its target price increased by stock analysts at UBS Group from $108.00 to $120.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price objective would indicate a potential upside of 26.64% from the stock’s previous close.

OKTA has been the subject of a number of other research reports. Wells Fargo & Company upped their target price on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Susquehanna upped their target price on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group upped their target price on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Westpark Capital reaffirmed a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group upped their target price on Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $105.84.

Okta Stock Down 2.3 %

Shares of NASDAQ OKTA traded down $2.22 during trading hours on Thursday, hitting $94.76. The stock had a trading volume of 88,256 shares, compared to its average volume of 2,393,510. The company has a market capitalization of $16.24 billion, a P/E ratio of -271.01, a P/E/G ratio of 6.54 and a beta of 1.03. The firm’s 50-day moving average price is $88.20 and its two-hundred day moving average price is $82.38. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at approximately $2,159,178.75. This trade represents a 11.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 65,000 shares of Okta stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total value of $6,337,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 980,908 shares of company stock worth $85,025,665. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Paloma Partners Management Co acquired a new position in Okta during the third quarter valued at approximately $969,000. Stifel Financial Corp grew its stake in shares of Okta by 56.1% during the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after buying an additional 13,387 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after buying an additional 382,190 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after buying an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.