Okta (NASDAQ:OKTA) Stock Rating Upgraded by Mizuho

Okta (NASDAQ:OKTA) was upgraded by research analysts at Mizuho from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The firm currently has a $127.00 price objective on the stock, up from their prior price objective of $110.00. Mizuho’s target price indicates a potential upside of 45.71% from the stock’s current price.

Several other brokerages also recently weighed in on OKTA. BTIG Research boosted their target price on shares of Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Robert W. Baird boosted their price objective on shares of Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. KeyCorp upped their price objective on shares of Okta from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $92.00 to $97.00 in a research note on Monday, December 2nd. Finally, Scotiabank reduced their price target on Okta from $96.00 to $94.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $108.60.

Okta Stock Performance

Okta stock 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 stock has a fifty day moving average of $89.37 and a two-hundred day moving average of $82.38. The company has a market capitalization of $14.94 billion, a price-to-earnings ratio of -249.03, a PEG ratio of 6.42 and a beta of 1.03.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $2,159,178.75. This trade represents a 11.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction on 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. In the last three months, insiders sold 849,482 shares of company stock valued at $74,422,216. Company insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Okta during the fourth quarter worth approximately $234,992,000. Ameriprise Financial Inc. boosted its position in Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after acquiring an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. grew its stake 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 worth $139,693,000 after purchasing an additional 1,699,176 shares in the last quarter. Point72 Asset Management L.P. increased 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 valued at $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 during the fourth quarter valued at about $105,592,000. 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.