Okta (NASDAQ:OKTA) Price Target Lowered to $123.00 at Morgan Stanley

Okta (NASDAQ:OKTA) had its price target dropped by equities researchers at Morgan Stanley from $125.00 to $123.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 25.60% from the company’s current price.

OKTA has been the subject of a number of other reports. Susquehanna lifted their price target on Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Jefferies Financial Group boosted their price target on Okta from $90.00 to $110.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Scotiabank raised their price objective on Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Tuesday, March 4th. Robert W. Baird boosted their target price on shares of Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, Barclays lifted their price target on shares of Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $116.03.

Okta Trading Down 2.0 %

OKTA opened at $97.93 on Wednesday. Okta has a 12-month low of $70.56 and a 12-month high of $118.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $17.00 billion, a PE ratio of -279.80, a P/E/G ratio of 6.42 and a beta of 1.07. The firm’s fifty day moving average price is $102.34 and its 200 day moving average price is $88.35.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total transaction of $242,224.32. Following the transaction, the insider now directly 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Robert Kelleher sold 5,895 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the sale, the insider now owns 9,828 shares of the company’s stock, valued at $1,117,935. The trade was a 37.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 768,202 shares of company stock valued at $71,371,369. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace LLP boosted its position in Okta by 35.5% during the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after purchasing an additional 938,509 shares during the last quarter. Norges Bank acquired a new stake in shares of Okta during the 4th quarter valued at about $234,992,000. Geode Capital Management LLC grew its stake in shares of Okta by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after buying an additional 135,110 shares in the last quarter. Point72 Asset Management L.P. raised 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 valued at $176,271,000 after acquiring an additional 1,572,786 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.