The Goldman Sachs Group Raises Okta (NASDAQ:OKTA) Price Target to $137.00

Okta (NASDAQ:OKTA) had its price target lifted by investment analysts at The Goldman Sachs Group from $123.00 to $137.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 27.48% from the stock’s previous close.

A number of other equities research analysts have also issued reports on OKTA. Roth Capital initiated coverage on shares of Okta in a report on Wednesday, April 23rd. They set a “buy” rating and a $119.00 target price on the stock. Cantor Fitzgerald initiated coverage on shares of Okta in a report on Monday, March 31st. They set an “overweight” rating and a $130.00 target price on the stock. Susquehanna increased their target price on shares of Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Mizuho reduced their target price on shares of Okta from $135.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Truist Financial increased their target price on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $121.83.

Okta Stock Down 14.4%

NASDAQ OKTA traded down $18.03 on Wednesday, hitting $107.47. The stock had a trading volume of 21,197,612 shares, compared to its average volume of 2,907,416. The stock has a market cap of $18.66 billion, a price-to-earnings ratio of -306.81, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 52-week low of $70.56 and a 52-week high of $127.57. The business’s fifty day moving average price is $109.90 and its 200 day moving average price is $96.42.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The company had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. During the same quarter in the prior year, the firm earned $0.65 EPS. Okta’s quarterly revenue was up 11.5% on a year-over-year basis. Equities research analysts anticipate that Okta will post 0.42 earnings per share for the current year.

Insider Activity at Okta

In other news, Director Jacques Frederic Kerrest sold 130,000 shares of Okta stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Jonathan James Addison sold 7,005 shares of Okta 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 directly owns 19,067 shares of the company’s stock, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 154,452 shares of company stock worth $16,347,360. Corporate insiders own 5.68% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently bought and sold shares of OKTA. SBI Securities Co. Ltd. purchased a new position in shares of Okta in the 4th quarter worth about $1,686,000. Charles Schwab Investment Management Inc. increased its position in shares of Okta by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock valued at $87,903,000 after buying an additional 46,064 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Okta by 46.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company’s stock valued at $854,000 after buying an additional 3,429 shares during the period. Westpac Banking Corp increased its position in shares of Okta by 2,574.9% during the fourth quarter. Westpac Banking Corp now owns 9,817 shares of the company’s stock valued at $774,000 after buying an additional 9,450 shares during the period. Finally, Forsta AP Fonden increased its position in shares of Okta by 40.5% in the fourth quarter. Forsta AP Fonden now owns 73,900 shares of the company’s stock worth $5,823,000 after purchasing an additional 21,300 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other 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.