Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Okta (NASDAQ:OKTA) had its price target boosted by research analysts at Jefferies Financial Group from $90.00 to $110.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s price objective suggests a potential upside of 26.20% from the company’s current price.

Other research analysts have also issued research reports about the company. Royal Bank of Canada reissued an “outperform” rating and issued a $101.00 target price on shares of Okta in a report on Wednesday, December 4th. Piper Sandler boosted their price objective on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. upped their price objective on shares of Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday. Canaccord Genuity Group lifted their target price on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Finally, Robert W. Baird increased their price target on shares of Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. One investment 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. Based on data from MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and an average price target of $108.60.

Okta Price Performance

Shares of OKTA opened at $87.16 on Tuesday. 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 fifty-two week low of $70.56 and a fifty-two week high of $114.50. The firm has a 50-day simple moving average of $89.37 and a 200-day simple moving average of $82.38. The company has a market capitalization of $14.94 billion, a price-to-earnings ratio of -249.03, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 3,306 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total transaction of $293,738.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares in the company, valued at $1,969,191. The trade was a 9.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

Several large investors have recently made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new position in shares of Okta during the 3rd quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new position in Okta in the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC acquired a new position in shares of Okta during the third quarter worth about $32,000. TD Private Client Wealth LLC boosted its position in shares of Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Okta in the fourth quarter valued at about $40,000. Institutional investors and hedge funds 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.