Okta (NASDAQ:OKTA) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of Okta (NASDAQ:OKTA) in a report released on Tuesday, MarketBeat reports. The firm issued an overweight rating and a $125.00 target price on the stock.

OKTA has been the topic of a number of other research reports. Sanford C. Bernstein reduced their target price on Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research report on Tuesday, December 17th. Westpark Capital restated a “buy” rating and issued a $140.00 target price on shares of Okta in a research report on Friday, February 28th. Truist Financial lifted their target price on Okta from $92.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. JMP Securities restated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. Finally, Canaccord Genuity Group lifted their target price on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.29.

Okta Stock Performance

Shares of Okta stock opened at $112.80 on Tuesday. Okta has a one year low of $70.56 and a one year high of $116.96. The company has a market cap of $19.58 billion, a price-to-earnings ratio of -322.29, a PEG ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The business’s 50 day moving average price is $96.89 and its 200 day moving average price is $84.07.

Insider Activity

In other news, insider Eric Robert Kelleher sold 5,895 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the transaction, the insider now owns 9,828 shares in the company, valued at approximately $1,117,935. This represents a 37.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the sale, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 752,349 shares of company stock worth $69,562,237. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

A number of large investors have recently made changes to their positions in the company. Marshall Wace LLP boosted its position in shares of Okta by 35.5% in the 4th 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 during the period. Norges Bank acquired a new stake in shares of Okta in the 4th quarter valued at about $234,992,000. Geode Capital Management LLC boosted its position in shares of 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 purchasing an additional 135,110 shares during the period. Point72 Asset Management L.P. lifted its position in Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after acquiring an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. lifted 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 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.