Westpark Capital Reaffirms Buy Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reiterated by investment analysts at Westpark Capital in a research note issued to investors on Friday,Benzinga reports. They currently have a $140.00 target price on the stock. Westpark Capital’s target price indicates a potential upside of 56.97% from the stock’s current price.

A number of other equities analysts also recently commented on OKTA. The Goldman Sachs Group lifted their target price on Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Wells Fargo & Company increased their price objective on shares of Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. DA Davidson raised their price objective on shares of Okta from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group upped their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $92.00 to $97.00 in a research note on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $106.13.

Okta Stock Performance

Okta stock opened at $89.19 on Friday. The stock has a market cap of $15.28 billion, a P/E ratio of -254.83, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03. 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 52 week low of $70.56 and a 52 week high of $114.50. The stock has a 50 day moving average of $89.16 and a 200-day moving average of $82.61.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the transaction, the director now directly owns 1,622 shares of the company’s stock, valued at $130,862.96. This represents a 98.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were 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. In the last 90 days, insiders have sold 980,908 shares of company stock worth $85,025,665. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Large investors have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta in the third quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Okta in the 4th quarter worth approximately $25,000. Blue Trust Inc. lifted its stake in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in Okta during the third quarter valued at $32,000. Finally, TD Private Client Wealth LLC increased its position in Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

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.