Okta (NASDAQ:OKTA) Price Target Raised to $140.00

Okta (NASDAQ:OKTA) had its target price boosted by Guggenheim from $130.00 to $140.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on OKTA. Scotiabank upped their target price on shares of Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Tuesday, March 4th. Truist Financial upped their target price on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Barclays upped their target price on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. BMO Capital Markets upped their target price on shares of Okta from $130.00 to $135.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 14th. Finally, Cantor Fitzgerald assumed coverage on shares of Okta in a research report on Monday, March 31st. They set an “overweight” rating and a $130.00 target price on the stock. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and a consensus price target of $118.03.

Okta Price Performance

NASDAQ:OKTA opened at $125.54 on Tuesday. The firm has a market cap of $21.79 billion, a PE ratio of -358.69, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. Okta has a 12 month low of $70.56 and a 12 month high of $127.57. 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 company’s 50-day moving average price is $108.88 and its two-hundred day moving average price is $94.74.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 130,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total transaction of $13,650,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the sale, the executive now owns 19,067 shares of the company’s stock, valued at approximately $1,929,389.73. This represents a 26.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 154,452 shares of company stock worth $16,347,360. 5.68% of the stock is owned by insiders.

Institutional Trading of Okta

A number of large investors have recently added to or reduced their stakes in OKTA. Norges Bank acquired a new stake in Okta in the fourth quarter valued at $234,992,000. Massachusetts Financial Services Co. MA lifted its stake in Okta by 325.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company’s stock valued at $389,308,000 after acquiring an additional 2,830,582 shares during the last quarter. Alkeon Capital Management LLC acquired a new stake in Okta in the first quarter valued at $199,918,000. 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. Finally, Ninety One UK Ltd acquired a new stake in Okta in the first quarter valued at $189,915,000. 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.