Okta, Inc. (NASDAQ:OKTA) Given Average Recommendation of “Moderate Buy” by Analysts

Okta, Inc. (NASDAQ:OKTA) has been given a consensus recommendation of “Moderate Buy” by the thirty-two ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, thirteen have issued a hold recommendation and eighteen have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $113.10.

A number of brokerages have recently issued reports on OKTA. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. Sanford C. Bernstein lowered their price objective 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. BTIG Research upped their price target on shares of Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Robert W. Baird boosted their price objective on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Finally, Mizuho raised shares of Okta from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $110.00 to $127.00 in a research note on Tuesday, March 4th.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the sale, the insider now owns 24,462 shares in the company, valued at $1,969,191. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total transaction of $33,965,100.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 979,482 shares of company stock worth $88,072,216. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new position in Okta in the 4th quarter valued at $234,992,000. Ameriprise Financial Inc. raised its position in Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after purchasing an additional 1,828,630 shares during the last quarter. Alyeska Investment Group L.P. raised its holdings in Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after purchasing an additional 1,699,176 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after purchasing an additional 1,572,786 shares in the last quarter. Finally, Sachem Head Capital Management LP bought a new position in Okta in the fourth quarter worth $105,592,000. 86.64% of the stock is owned by institutional investors.

Okta Trading Up 1.1 %

Shares of NASDAQ:OKTA opened at $112.44 on Wednesday. Okta has a 12-month low of $70.56 and a 12-month high of $116.96. The stock has a market cap of $19.27 billion, a PE ratio of -321.26, a P/E/G ratio of 6.42 and a beta of 1.09. The business has a 50 day moving average of $91.72 and a 200-day moving average of $82.79. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

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.