Brokerages Set Okta, Inc. (NASDAQ:OKTA) PT at $115.29

Shares of Okta, Inc. (NASDAQ:OKTA) have been given an average recommendation of “Moderate Buy” by the thirty-four ratings firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $116.09.

OKTA has been the subject of a number of recent analyst reports. Scotiabank increased their price target on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research report on Tuesday, March 4th. The Goldman Sachs Group raised their target price on shares of Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Susquehanna boosted their price target on shares of Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Barclays raised their price objective on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Finally, Canaccord Genuity Group boosted their target price on shares of Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th.

Okta Stock Performance

OKTA opened at $91.93 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market cap of $15.96 billion, a PE ratio of -262.66, a P/E/G ratio of 6.42 and a beta of 1.06. The business has a fifty day simple moving average of $101.64 and a 200-day simple moving average of $86.75. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $118.07.

Insider Activity

In other Okta news, CFO Brett Tighe sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the sale, the chief financial officer now owns 112,533 shares of the company’s stock, valued at $10,015,437. This trade represents a 4.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the transaction, the insider now directly owns 9,828 shares in the company, valued at approximately $1,117,935. This represents a 37.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 761,197 shares of company stock valued at $70,662,533. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cerity Partners LLC increased its stake in Okta by 211.4% during the third quarter. Cerity Partners LLC now owns 54,412 shares of the company’s stock valued at $4,045,000 after acquiring an additional 36,936 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Okta by 3.3% in the third quarter. The Manufacturers Life Insurance Company now owns 7,737 shares of the company’s stock valued at $575,000 after purchasing an additional 250 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Okta in the third quarter valued at $53,000. Townsquare Capital LLC lifted its position in Okta by 16.5% in the third quarter. Townsquare Capital LLC now owns 6,321 shares of the company’s stock worth $470,000 after purchasing an additional 896 shares during the period. Finally, Cynosure Group LLC acquired a new stake in Okta during the third quarter worth $295,000. 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.