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

Okta (NASDAQ:OKTA) had its price objective lifted by investment analysts at Oppenheimer from $125.00 to $135.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price objective points to a potential upside of 29.88% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. Westpark Capital reissued a “buy” rating and issued a $140.00 target price on shares of Okta in a research note on Friday. DA Davidson raised Okta from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $90.00 to $125.00 in a research note on Tuesday. BTIG Research raised their target price on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Truist Financial reissued a “hold” rating and set a $92.00 price target (up previously from $80.00) on shares of Okta in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group raised their price objective on shares of Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.03.

Okta Price Performance

Shares of NASDAQ OKTA traded up $16.78 during mid-day trading on Tuesday, reaching $103.94. The company’s stock had a trading volume of 6,493,194 shares, compared to its average volume of 2,639,039. The stock has a 50-day moving average of $89.37 and a two-hundred day moving average of $82.38. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $17.81 billion, a P/E ratio of -296.87, a P/E/G ratio of 6.42 and a beta of 1.09. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insider Buying and Selling at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the business’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total value of $267,396.60. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at approximately $2,159,178.75. The trade was a 11.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 849,482 shares of company stock valued at $74,422,216 in the last quarter. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Frank Rimerman Advisors LLC grew its holdings in shares of Okta by 2.4% during the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock worth $352,000 after purchasing an additional 105 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Okta by 1.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company’s stock valued at $620,000 after purchasing an additional 136 shares during the period. Stephens Inc. AR grew its stake in Okta by 5.0% during the 4th quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock worth $260,000 after buying an additional 157 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Okta by 3.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company’s stock worth $445,000 after buying an additional 171 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Okta by 2.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock worth $605,000 after buying an additional 180 shares during the period. 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.