Truist Financial Increases Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its price objective boosted by analysts at Truist Financial from $92.00 to $100.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price objective indicates a potential downside of 2.94% from the company’s previous close.

Several other research firms have also recently weighed in on OKTA. DA Davidson upgraded shares of Okta from a “neutral” rating to a “buy” rating and upped their price target for the company from $90.00 to $125.00 in a report on Tuesday. Scotiabank increased their price target on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research note on Tuesday. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $92.00 to $97.00 in a research note on Monday, December 2nd. Susquehanna lifted their price target on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, Sanford C. Bernstein decreased their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and a consensus price target of $112.61.

Okta Trading Up 18.2 %

OKTA stock traded up $15.87 during trading on Tuesday, hitting $103.03. The company had a trading volume of 9,996,898 shares, compared to its average volume of 2,739,917. The firm has a 50-day moving average price of $89.37 and a 200-day moving average price of $82.38. The stock has a market cap of $17.65 billion, a price-to-earnings ratio of -295.93, a PEG ratio of 6.42 and a beta of 1.09. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,482 shares of company stock worth $74,422,216. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

Several large investors have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta during the 3rd quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new stake in Okta during the 4th quarter worth about $25,000. Legacy Investment Solutions LLC acquired a new position in shares of Okta in the 3rd quarter valued at about $32,000. TD Private Client Wealth LLC grew 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 purchasing an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Okta in the fourth quarter worth approximately $40,000. 86.64% of the stock is owned by institutional investors and hedge funds.

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.