Okta (NASDAQ:OKTA) Given New $110.00 Price Target at Citigroup

Okta (NASDAQ:OKTA) had its price target raised by investment analysts at Citigroup from $100.00 to $110.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 7.19% from the company’s current price.

OKTA has been the topic of a number of other research reports. Wells Fargo & Company increased their price objective on Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $115.00 price target on shares of Okta in a research note on Tuesday. Oppenheimer upped their price target on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Tuesday. UBS Group lifted their target price on Okta from $108.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, Jefferies Financial Group raised their price objective on Okta from $90.00 to $110.00 and gave the company a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $112.35.

Okta Stock Up 17.7 %

OKTA stock traded up $15.46 during midday trading on Tuesday, reaching $102.62. The company had a trading volume of 9,183,142 shares, compared to its average volume of 2,729,785. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The company has a 50 day moving average of $89.37 and a two-hundred day moving average of $82.38. The company has a market capitalization of $17.58 billion, a P/E ratio of -293.91, a PEG ratio of 6.42 and a beta of 1.09.

Insider Activity at Okta

In other Okta news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares of the company’s stock, valued at $1,969,191. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total transaction of $6,337,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 849,482 shares of company stock worth $74,422,216. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

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