Okta (NASDAQ:OKTA) Price Target Raised to $115.00 at Needham & Company LLC

Okta (NASDAQ:OKTA) had its price target increased by Needham & Company LLC from $100.00 to $115.00 in a report issued on Wednesday, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the stock.

OKTA has been the subject of several other reports. Scotiabank decreased their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research note on Thursday, August 29th. Citigroup dropped their price target on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. BTIG Research reduced their price objective on shares of Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. BMO Capital Markets upped their target price on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. Finally, The Goldman Sachs Group reduced their price target on shares of Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $103.07.

Okta Stock Up 5.4 %

Shares of Okta stock opened at $86.11 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The company has a 50-day moving average of $75.15 and a 200 day moving average of $84.27. The firm has a market cap of $14.63 billion, a price-to-earnings ratio of -246.03, a PEG ratio of 19.79 and a beta of 1.00. Okta has a 1 year low of $70.56 and a 1 year high of $114.50.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The trade was a 9.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. The trade was a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 607,215 shares of company stock valued at $46,304,810 over the last quarter. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OKTA. Tidal Investments LLC grew its position in shares of Okta by 15.7% during the first quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock worth $565,000 after purchasing an additional 734 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Okta by 87.4% during the first quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock worth $1,806,000 after purchasing an additional 8,051 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of Okta during the first quarter worth about $946,000. EverSource Wealth Advisors LLC grew its position in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in shares of Okta by 10.0% during the second quarter. Harbor Capital Advisors Inc. now owns 5,115 shares of the company’s stock worth $479,000 after purchasing an additional 465 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.