Okta (NASDAQ:OKTA) Price Target Raised to $110.00 at Mizuho

Okta (NASDAQ:OKTA) had its price objective boosted by Mizuho from $100.00 to $110.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages also recently issued reports on OKTA. JPMorgan Chase & Co. raised Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price target for the company in a report on Monday, December 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $101.00 target price on shares of Okta in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their price target on shares of Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Susquehanna raised their price objective on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, Robert W. Baird boosted their target price on Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $105.45.

Okta Stock Down 4.0 %

Okta stock opened at $96.29 on Wednesday. The stock has a market cap of $16.50 billion, a PE ratio of -275.11, a P/E/G ratio of 6.58 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The stock’s fifty day moving average is $87.42 and its two-hundred day moving average is $82.33. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the business’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 sale, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 980,908 shares of company stock worth $85,025,665. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in Okta in the 4th quarter valued at about $234,992,000. Marshall Wace LLP lifted its holdings in shares of Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after purchasing an additional 938,509 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Okta by 874.6% in the fourth quarter. AQR Capital Management LLC now owns 849,642 shares of the company’s stock valued at $66,952,000 after purchasing an additional 762,460 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Okta by 570.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 869,362 shares of the company’s stock valued at $68,506,000 after purchasing an additional 739,707 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Okta during the 3rd quarter worth approximately $49,373,000. 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.