Okta (NASDAQ:OKTA) Price Target Raised to $135.00

Okta (NASDAQ:OKTA) had its target price lifted by Oppenheimer from $125.00 to $135.00 in a research note published on Tuesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other brokerages have also weighed in on OKTA. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and cut their price objective for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. Piper Sandler raised their price objective on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Truist Financial restated a “hold” rating and set a $92.00 price objective (up previously from $80.00) on shares of Okta in a research report on Wednesday, December 4th. The Goldman Sachs Group lifted their price target on Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $90.00 to $125.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Trading Down 4.4 %

Shares of Okta stock opened at $111.22 on Tuesday. The firm has a market cap of $19.06 billion, a price-to-earnings ratio of -317.77, a PEG ratio of 6.42 and a beta of 1.09. The business has a 50-day moving average price of $90.54 and a 200-day moving average price of $82.70. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a twelve month low of $70.56 and a twelve month high of $116.96.

Insider Activity

In other news, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Larissa Schwartz sold 2,704 shares of Okta 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 sale, the insider now directly owns 24,462 shares of the company’s stock, valued at $1,969,191. This represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 979,482 shares of company stock valued at $88,072,216. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Large investors have recently bought and sold shares of the business. Bank of Jackson Hole Trust bought a new position in Okta in the fourth quarter worth approximately $25,000. Itau Unibanco Holding S.A. bought a new position in Okta in the third quarter worth approximately $25,000. Legacy Investment Solutions LLC bought a new position in Okta in the third quarter worth approximately $32,000. TD Private Client Wealth LLC raised its stake in 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 in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Okta in the fourth quarter worth approximately $40,000. Institutional investors 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.