Okta (NASDAQ:OKTA) Upgraded by Stephens to “Strong-Buy” Rating

Stephens upgraded shares of Okta (NASDAQ:OKTA) to a strong-buy rating in a research report report published on Monday morning,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Mizuho raised shares of Okta from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $110.00 to $127.00 in a research report on Tuesday, March 4th. Wells Fargo & Company increased their target price on Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. Robert W. Baird raised their target price on Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Royal Bank of Canada upped their price target on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Finally, Piper Sandler raised their price objective on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $116.09.

Okta Trading Down 0.5 %

NASDAQ:OKTA opened at $104.69 on Monday. The company’s 50 day moving average is $101.00 and its 200-day moving average is $86.31. The company has a quick ratio of 1.34, a current 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 $118.07. The firm has a market cap of $18.17 billion, a price-to-earnings ratio of -299.11, a P/E/G ratio of 6.42 and a beta of 1.09.

Insider Transactions at Okta

In other news, Director Jacques Frederic Kerrest sold 390,000 shares of the firm’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total value of $242,224.32. Following the completion of the transaction, the insider now directly owns 23,311 shares of the company’s stock, valued at $2,088,199.38. This represents a 10.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 761,197 shares of company stock valued at $70,662,533. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several hedge funds have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. acquired a new position in Okta during the 3rd quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Okta during the fourth quarter worth $25,000. Legacy Investment Solutions LLC acquired a new position in shares of Okta during the third quarter valued at $32,000. TD Private Client Wealth LLC boosted its holdings in Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after acquiring an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Okta in the fourth quarter worth about $40,000. 86.64% of the stock is owned by institutional investors.

About Okta

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.