Okta (NASDAQ:OKTA) Price Target Lowered to $94.00 at Scotiabank

Okta (NASDAQ:OKTA) had its price target cut by Scotiabank from $96.00 to $94.00 in a research note published on Tuesday,Benzinga reports. They currently have a sector perform rating on the stock.

Several other research firms have also recently issued reports on OKTA. Westpark Capital reissued a “buy” rating and issued a $140.00 price objective on shares of Okta in a research report on Wednesday, December 4th. KeyCorp raised Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research note on Thursday, December 19th. The Goldman Sachs Group lifted their target price on Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Robert W. Baird increased their price target on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Finally, BTIG Research lifted their price objective on Okta from $98.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Okta currently has an average rating of “Hold” and an average target price of $104.55.

Okta Stock Up 2.4 %

NASDAQ:OKTA opened at $89.40 on Tuesday. The company has a market cap of $15.32 billion, a price-to-earnings ratio of -255.43, a price-to-earnings-growth ratio of 8.82 and a beta of 1.00. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $81.45 and a 200-day simple moving average of $82.23.

Insider Activity

In related news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the sale, the insider now owns 24,462 shares of the company’s stock, valued at $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was 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 369,949 shares of company stock valued at $30,201,213 over the last ninety days. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Marshall Wace LLP grew its position in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares during the period. Point72 Asset Management L.P. acquired a new stake in Okta during the third quarter worth about $49,373,000. Nordea Investment Management AB raised its position in Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after acquiring an additional 382,190 shares in the last quarter. Eminence Capital LP lifted its holdings in Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in Okta by 232.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after purchasing an additional 277,084 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.