KeyCorp Raises Okta (NASDAQ:OKTA) Price Target to $125.00

Okta (NASDAQ:OKTA) had its target price upped by KeyCorp from $115.00 to $125.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price objective points to a potential upside of 27.05% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Citigroup upped their price objective on shares of Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Susquehanna raised their price objective on shares of Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Piper Sandler boosted their target price on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price target on the stock in a report on Monday, December 16th. Finally, Westpark Capital restated a “buy” rating and set a $140.00 target price on shares of Okta in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $104.87.

Okta Price Performance

Okta stock opened at $98.39 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The business has a 50 day simple moving average of $86.33 and a 200-day simple moving average of $82.06. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The stock has a market capitalization of $16.86 billion, a PE ratio of -283.28, a price-to-earnings-growth ratio of 6.58 and a beta of 1.03.

Insider Buying and Selling at Okta

In other news, CFO Brett Tighe sold 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the sale, the chief financial officer now owns 112,533 shares of the company’s stock, valued at $10,015,437. The trade was a 4.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’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. Insiders have sold 978,168 shares of company stock valued at $84,758,269 in the last 90 days. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

A number of large investors have recently modified their holdings of the business. Paloma Partners Management Co acquired a new position in Okta during the third quarter valued at approximately $969,000. Stifel Financial Corp boosted its holdings in shares of Okta by 56.1% in the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock valued at $2,770,000 after buying an additional 13,387 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after buying an additional 382,190 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after buying an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Okta by 7.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after acquiring an additional 8,239 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.