Okta (NASDAQ:OKTA) Receives Buy Rating from Needham & Company LLC

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They currently have a $115.00 target price on the stock. Needham & Company LLC’s price target would indicate a potential upside of 18.01% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Susquehanna boosted their target price on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. JMP Securities reissued a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. Robert W. Baird boosted their target price on Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. The Goldman Sachs Group upped their price target on Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler upped their price target on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Okta has a consensus rating of “Hold” and an average target price of $104.55.

Okta Price Performance

OKTA opened at $97.45 on Tuesday. The stock has a 50-day moving average price of $85.18 and a 200-day moving average price of $82.08. Okta has a 12-month low of $70.56 and a 12-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 market capitalization of $16.70 billion, a P/E ratio of -278.43, a PEG ratio of 9.52 and a beta of 1.03.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the transaction, the insider now directly owns 24,462 shares in the company, valued at $1,969,191. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s 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 transaction, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 913,168 shares of company stock worth $78,420,769. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of Jackson Hole Trust purchased a new position in Okta in the fourth quarter worth about $25,000. Itau Unibanco Holding S.A. purchased a new position in Okta in the third quarter worth about $25,000. Future Financial Wealth Managment LLC purchased a new position in Okta in the third quarter worth about $26,000. Blue Trust Inc. boosted its position in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the period. Finally, Legacy Investment Solutions LLC purchased a new position in shares of Okta during the third quarter valued at approximately $32,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.