Okta (NASDAQ:OKTA) Research Coverage Started at Morgan Stanley

Morgan Stanley began coverage on shares of Okta (NASDAQ:OKTA) in a research report released on Tuesday, Marketbeat Ratings reports. The firm issued an overweight rating and a $125.00 target price on the stock.

OKTA has been the subject of a number of other reports. Stifel Nicolaus increased their price target on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. The Goldman Sachs Group increased their price target on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Canaccord Genuity Group increased their price objective on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Finally, Wells Fargo & Company increased their price objective on Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and an average price target of $115.29.

Okta Trading Down 1.1 %

Okta stock opened at $112.80 on Tuesday. The stock has a 50-day moving average of $96.89 and a two-hundred day moving average of $84.07. 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 $116.96. The stock has a market cap of $19.58 billion, a PE ratio of -322.29, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

Insider Buying and Selling at Okta

In other news, Director Jacques Frederic Kerrest sold 390,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were 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 owns 24,462 shares in the company, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 752,349 shares of company stock valued at $69,562,237. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP lifted its position in shares of Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after acquiring an additional 938,509 shares in the last quarter. Norges Bank purchased a new position in shares of Okta in the fourth quarter valued at approximately $234,992,000. Geode Capital Management LLC lifted its position in shares of Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after acquiring an additional 135,110 shares in the last quarter. Point72 Asset Management L.P. lifted its position in Okta by 236.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after buying an additional 1,572,786 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after buying an additional 1,828,630 shares in the last quarter. Hedge funds and other 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.