Okta (NASDAQ:OKTA) Price Target Raised to $130.00

Okta (NASDAQ:OKTA) had its price objective hoisted by Robert W. Baird from $115.00 to $130.00 in a report released on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also recently issued reports on OKTA. Sanford C. Bernstein dropped 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. Royal Bank of Canada lifted their target price on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday. Scotiabank lifted their price objective on Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Canaccord Genuity Group lifted their target price on Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday. Finally, Westpark Capital reiterated a “buy” rating and issued a $140.00 target price on shares of Okta in a report on Friday, February 28th. One equities 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Trading Down 4.4 %

NASDAQ OKTA opened at $111.22 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 12 month low of $70.56 and a 12 month high of $116.96. The stock has a market cap of $19.06 billion, a P/E ratio of -317.77, a P/E/G ratio of 6.42 and a beta of 1.09. The stock’s fifty day moving average price is $90.54 and its 200-day moving average price is $82.70.

Insider Activity

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 390,000 shares of Okta 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. Over the last 90 days, insiders have sold 979,482 shares of company stock valued at $88,072,216. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several institutional investors and hedge funds have recently modified their holdings of OKTA. Frank Rimerman Advisors LLC lifted its position in Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock worth $352,000 after acquiring an additional 105 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Okta by 1.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company’s stock valued at $620,000 after acquiring an additional 136 shares during the period. Stephens Inc. AR increased its stake in Okta by 5.0% in the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock valued at $260,000 after acquiring an additional 157 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in Okta by 3.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company’s stock valued at $445,000 after acquiring an additional 171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Okta by 2.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock worth $605,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds 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.