Okta (NASDAQ:OKTA) Given New $135.00 Price Target at KeyCorp

Okta (NASDAQ:OKTA) had its price objective upped by investment analysts at KeyCorp from $125.00 to $135.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target suggests a potential upside of 54.89% from the company’s previous close.

Several other research analysts also recently commented on the stock. UBS Group raised their price objective on shares of Okta from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Piper Sandler raised their price target on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Truist Financial reiterated a “hold” rating and set a $92.00 price objective (up from $80.00) on shares of Okta in a research note on Wednesday, December 4th. BMO Capital Markets raised their target price on Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Scotiabank decreased their price target on Okta from $96.00 to $94.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.10.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $87.16 on Tuesday. The firm has a market capitalization of $14.94 billion, a PE ratio of -249.03, a P/E/G ratio of 6.42 and a beta of 1.09. 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 company has a 50-day moving average price of $89.37 and a two-hundred day moving average price of $82.38. Okta has a twelve month low of $70.56 and a twelve month high of $114.50.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were 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. Insiders have sold a total of 849,482 shares of company stock worth $74,422,216 in the last 90 days. 7.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in Okta during the 4th quarter valued at $234,992,000. Ameriprise Financial Inc. increased its position in shares of Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. increased its position in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock valued at $139,693,000 after acquiring an additional 1,699,176 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Okta by 236.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after purchasing an additional 1,572,786 shares during the period. Finally, Sachem Head Capital Management LP bought a new stake in shares of Okta in the fourth quarter worth about $105,592,000. 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.