Okta (NASDAQ:OKTA) Price Target Raised to $100.00 at Citigroup

Okta (NASDAQ:OKTA) had its price target boosted by stock analysts at Citigroup from $95.00 to $100.00 in a research report issued on Friday, Marketbeat reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential upside of 14.56% from the company’s current price.

OKTA has been the topic of a number of other research reports. Piper Sandler increased their price target on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Wells Fargo & Company increased their target price on Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Westpark Capital reaffirmed a “buy” rating and set a $140.00 price target on shares of Okta in a report on Wednesday, December 4th. Canaccord Genuity Group increased their price objective on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Finally, Truist Financial reissued a “hold” rating and issued a $92.00 target price (up previously from $80.00) on shares of Okta in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Okta has an average rating of “Hold” and a consensus target price of $104.61.

Okta Stock Performance

Shares of OKTA stock opened at $87.29 on Friday. The company has a market capitalization of $14.96 billion, a price-to-earnings ratio of -249.40, a price-to-earnings-growth ratio of 8.52 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a one year low of $70.56 and a one year high of $114.50. The company’s 50-day moving average is $81.05 and its 200 day moving average is $82.40.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 131,426 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the transaction, the director now owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 369,949 shares of company stock worth $30,201,213 in the last three months. Company insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds have recently made changes to their positions in the company. Paloma Partners Management Co purchased a new position in Okta during the 3rd quarter valued at approximately $969,000. SG Americas Securities LLC grew its holdings in shares of Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after purchasing an additional 9,364 shares in the last quarter. Truist Financial Corp increased its position in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares during the last quarter. Stifel Financial Corp grew its stake in shares of Okta by 56.1% in the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after buying an additional 13,387 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after buying an additional 382,190 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.