Scotiabank Boosts Okta (NASDAQ:OKTA) Price Target to $109.00

Okta (NASDAQ:OKTA) had its price target boosted by Scotiabank from $94.00 to $109.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 10.63% from the company’s previous close.

Several other analysts have also recently commented on the stock. Sanford C. Bernstein dropped their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research report on Tuesday, December 17th. Citigroup raised their target price on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. BTIG Research upped their price target on Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Guggenheim restated a “buy” rating and set a $130.00 price objective on shares of Okta in a report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their target price on shares of Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $110.13.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $98.53 on Tuesday. 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 stock has a market capitalization of $16.88 billion, a P/E ratio of -281.13, a P/E/G ratio of 6.42 and a beta of 1.09. The business has a 50-day moving average price of $89.37 and a two-hundred day moving average price of $82.38.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,740 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total transaction of $267,396.60. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $2,159,178.75. This trade represents a 11.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the 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 disclosure for this sale can be found here. Insiders have sold a total of 849,482 shares of company stock valued at $74,422,216 in the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Marshall Wace LLP increased its position 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 worth $282,414,000 after purchasing an additional 938,509 shares during the period. Norges Bank bought a new stake in Okta during the fourth quarter worth about $234,992,000. Geode Capital Management LLC increased its holdings in Okta by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after buying an additional 135,110 shares during the period. Point72 Asset Management L.P. increased its holdings in Okta by 236.8% in the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after buying an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after acquiring an additional 1,828,630 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

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.