Needham & Company LLC Reiterates Buy Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $115.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 31.94% from the company’s current price.

Other equities analysts have also issued reports about the stock. Truist Financial reissued a “hold” rating and issued a $92.00 price objective (up from $80.00) on shares of Okta in a research report on Wednesday, December 4th. Sanford C. Bernstein reduced their price objective on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a report on Tuesday, December 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $101.00 target price on shares of Okta in a research note on Wednesday, December 4th. Guggenheim restated a “buy” rating and issued a $130.00 price target on shares of Okta in a research note on Wednesday, December 4th. Finally, Robert W. Baird lifted their target price on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and an average target price of $108.60.

Okta Stock Down 3.7 %

OKTA opened at $87.16 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. The stock’s fifty day simple moving average is $89.37 and its 200 day simple moving average is $82.38. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The stock has a market cap of $14.94 billion, a PE ratio of -249.03, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the transaction, the insider now directly owns 22,125 shares in the company, valued at $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 849,482 shares of company stock worth $74,422,216 in the last ninety days. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

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