Okta (NASDAQ:OKTA) Given New $94.00 Price Target at Scotiabank

Okta (NASDAQ:OKTA) had its price objective reduced by Scotiabank from $96.00 to $94.00 in a research note released on Tuesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. KeyCorp raised shares of Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research report on Thursday, December 19th. Canaccord Genuity Group raised their price objective on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Barclays upped their target price on Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. Piper Sandler boosted their price target on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and decreased their price objective for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $104.55.

Okta Price Performance

Shares of OKTA stock opened at $88.07 on Tuesday. The company has a market cap of $15.09 billion, a P/E ratio of -251.63, a PEG ratio of 9.03 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The stock’s 50-day moving average is $81.88 and its 200 day moving average is $82.31. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the sale, the chief financial officer now directly owns 112,533 shares in the company, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 378,255 shares of company stock worth $30,939,951 in the last 90 days. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

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