Okta (NASDAQ:OKTA) Price Target Raised to $105.00

Okta (NASDAQ:OKTA) had its price objective upped by analysts at Susquehanna from $95.00 to $105.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Susquehanna’s price target indicates a potential upside of 2.13% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group raised their price objective on Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday. Barclays boosted their price target on shares of Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Tuesday. Guggenheim reissued a “buy” rating and issued a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Royal Bank of Canada upped their price target on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, BTIG Research raised their price target on shares of Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $113.10.

Okta Trading Up 18.0 %

Shares of Okta stock traded up $15.65 on Tuesday, hitting $102.81. The stock had a trading volume of 10,615,003 shares, compared to its average volume of 2,749,359. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The stock has a 50 day moving average of $89.37 and a 200 day moving average of $82.38. The firm has a market capitalization of $17.62 billion, a P/E ratio of -293.95, a PEG ratio of 6.42 and a beta of 1.09.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the sale, the insider now owns 24,462 shares of the company’s stock, valued at $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the business’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 valued at $74,422,216 over the last three months. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Several hedge funds have recently made changes to their positions in OKTA. Marshall Wace LLP lifted its position in Okta by 35.5% during the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after buying an additional 938,509 shares during the period. Norges Bank bought a new position in shares of Okta in the 4th quarter worth about $234,992,000. Geode Capital Management LLC lifted its position in Okta by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after acquiring an additional 135,110 shares during the period. Point72 Asset Management L.P. grew its holdings in Okta by 236.8% in 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, Ameriprise Financial Inc. increased its stake in shares of Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after purchasing an additional 1,828,630 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

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.