Okta (NASDAQ:OKTA) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Okta (NASDAQ:OKTA) in a report published on Monday, Marketbeat.com reports. The firm issued an overweight rating and a $130.00 price objective on the stock.

A number of other brokerages also recently weighed in on OKTA. Susquehanna lifted their price target on Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Citigroup lifted their target price on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. Guggenheim reissued a “buy” rating and issued a $130.00 price target on shares of Okta in a research report on Wednesday, December 4th. BTIG Research reaffirmed a “buy” rating on shares of Okta in a research report on Tuesday, March 4th. Finally, Wells Fargo & Company increased their target price on shares of Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $116.09.

Okta Trading Up 0.7 %

NASDAQ OKTA opened at $105.38 on Monday. The firm’s 50 day moving average price is $101.33 and its two-hundred day moving average price is $86.45. 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 twelve month low of $70.56 and a twelve month high of $118.07. The stock has a market cap of $18.29 billion, a price-to-earnings ratio of -301.09, a PEG ratio of 6.42 and a beta of 1.09.

Insider Transactions at Okta

In other news, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the transaction, the chief financial officer now owns 112,533 shares of the company’s stock, valued at approximately $10,015,437. This represents a 4.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total transaction of $242,224.32. Following the completion of the sale, the insider now owns 23,311 shares of the company’s stock, valued at approximately $2,088,199.38. The trade was a 10.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 761,197 shares of company stock worth $70,662,533. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several large investors have recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta during the 3rd quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new position in Okta in the fourth quarter worth $25,000. Legacy Investment Solutions LLC bought a new position in Okta in the third quarter worth $32,000. TD Private Client Wealth LLC boosted its stake in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Okta in the 4th quarter valued at $40,000. 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.