Okta, Inc. (NASDAQ:OKTA) Receives $104.45 Average PT from Brokerages

Okta, Inc. (NASDAQ:OKTA) has earned an average recommendation of “Hold” from the thirty-two analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, fifteen have issued a hold recommendation and sixteen have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $104.45.

A number of research analysts have recently issued reports on the company. Scotiabank boosted their price objective on Okta from $92.00 to $96.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 4th. Robert W. Baird boosted their price target on Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Westpark Capital restated a “buy” rating and set a $140.00 price target on shares of Okta in a report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded shares of Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price objective for the company in a research note on Monday, December 16th. Finally, Wells Fargo & Company increased their target price on shares of Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th.

Okta Price Performance

OKTA stock opened at $83.28 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market cap of $14.27 billion, a price-to-earnings ratio of -237.94, a PEG ratio of 8.61 and a beta of 1.00. The company’s fifty day simple moving average is $77.63 and its 200 day simple moving average is $83.30. Okta has a 12-month low of $70.56 and a 12-month high of $114.50.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the transaction, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. The trade was a 40.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the sale, the director now owns 1,622 shares in the company, valued at $130,862.96. This trade represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 371,397 shares of company stock valued at $28,539,445 in the last 90 days. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Atria Wealth Solutions Inc. lifted its stake in Okta by 75.4% during the second quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock worth $1,074,000 after purchasing an additional 4,932 shares during the last quarter. First Command Advisory Services Inc. bought a new stake in Okta in the 2nd quarter worth approximately $47,000. Railway Pension Investments Ltd boosted its stake in Okta by 27.7% in the second quarter. Railway Pension Investments Ltd now owns 225,296 shares of the company’s stock worth $21,090,000 after buying an additional 48,900 shares in the last quarter. Atomi Financial Group Inc. bought a new position in Okta during the second quarter valued at approximately $206,000. Finally, Cambridge Investment Research Advisors Inc. raised its stake in shares of Okta by 11.8% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 16,285 shares of the company’s stock worth $1,524,000 after acquiring an additional 1,721 shares in the last quarter. Hedge funds and other 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.