Okta (NASDAQ:OKTA) Stock Rating Upgraded by Morgan Stanley

Okta (NASDAQ:OKTA) was upgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, Marketbeat reports. The firm presently has a $97.00 target price on the stock, up from their prior target price of $92.00. Morgan Stanley’s price target would indicate a potential upside of 18.71% from the stock’s previous close.

OKTA has been the subject of a number of other research reports. BTIG Research dropped their target price on shares of Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research report on Thursday, October 17th. Piper Sandler dropped their price objective on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft downgraded Okta from a “buy” rating to a “hold” rating and reduced their target price for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. BMO Capital Markets raised their price target on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a report on Thursday, August 29th. Finally, UBS Group decreased their target price on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.62.

Okta Price Performance

Shares of OKTA stock opened at $81.71 on Monday. The stock’s fifty day simple moving average is $75.03 and its 200 day simple moving average is $84.42. Okta has a one year low of $70.56 and a one year high of $114.50. The firm has a market cap of $13.88 billion, a price-to-earnings ratio of -97.27, a P/E/G ratio of 19.79 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 475,789 shares of company stock valued at $35,701,361. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Okta

A number of hedge funds and other institutional investors have recently modified their holdings of OKTA. Tidal Investments LLC raised its stake in shares of Okta by 15.7% during the 1st 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% in the 1st quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock valued at $1,806,000 after acquiring an additional 8,051 shares during the period. Cetera Advisors LLC bought a new stake in shares of Okta in the 1st quarter valued at about $946,000. EverSource Wealth Advisors LLC lifted its stake in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the last quarter. Finally, DNB Asset Management AS increased its position in Okta by 2.4% during the second quarter. DNB Asset Management AS now owns 24,725 shares of the company’s stock worth $2,315,000 after buying an additional 573 shares during the last quarter. 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.