Okta, Inc. (NASDAQ:OKTA) Given Average Recommendation of “Hold” by Brokerages

Shares of Okta, Inc. (NASDAQ:OKTA) have received a consensus recommendation of “Hold” from the thirty-two ratings firms that are covering the company, Marketbeat.com reports. 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 company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $104.45.

Several research analysts have recently issued reports on the company. Stifel Nicolaus upped their price objective on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. KeyCorp raised Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research report on Thursday, December 19th. JMP Securities reaffirmed a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. Canaccord Genuity Group increased their target price on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Finally, Scotiabank boosted their price target on shares of Okta from $92.00 to $96.00 and gave the stock a “sector perform” rating in a research report on Wednesday, December 4th.

Insider Activity

In related news, insider Larissa Schwartz sold 2,791 shares of the firm’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 of the company’s stock, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 594,482 shares of company stock worth $46,955,865. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of large investors have recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta in the third quarter valued at about $25,000. Future Financial Wealth Managment LLC purchased a new stake in Okta during the 3rd quarter valued at about $26,000. Blue Trust Inc. raised its holdings in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in Okta in the 3rd quarter worth approximately $32,000. Finally, Modus Advisors LLC acquired a new position in shares of Okta during the 4th quarter worth approximately $44,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Down 1.0 %

OKTA stock opened at $83.49 on Tuesday. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The business has a 50-day simple moving average of $80.34 and a 200 day simple moving average of $82.57. 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 company has a market cap of $14.31 billion, a PE ratio of -238.54, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00.

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.