Okta, Inc. (NASDAQ:OKTA) Receives Average Recommendation of “Moderate Buy” from Analysts

Okta, Inc. (NASDAQ:OKTA) has been assigned an average rating of “Moderate Buy” from the thirty-two brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, thirteen have given a hold recommendation and eighteen have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $113.10.

Several brokerages have recently commented on OKTA. Susquehanna lifted their target price on Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Oppenheimer lifted their target price on Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Truist Financial lifted their price target on Okta from $92.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. Royal Bank of Canada lifted their price target on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. lifted their target price on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, February 28th.

Insiders Place Their Bets

In other Okta news, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the transaction, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 979,482 shares of company stock valued at $88,072,216 over the last quarter. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently modified their holdings of the stock. Frank Rimerman Advisors LLC increased its holdings in Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock valued at $352,000 after purchasing an additional 105 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Okta by 1.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company’s stock worth $620,000 after purchasing an additional 136 shares during the last quarter. Stephens Inc. AR raised its stake in Okta by 5.0% during the 4th quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock worth $260,000 after buying an additional 157 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in Okta by 3.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company’s stock worth $445,000 after buying an additional 171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Okta by 2.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock valued at $605,000 after purchasing an additional 180 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Price Performance

Shares of OKTA opened at $112.44 on Wednesday. The firm has a market cap of $19.27 billion, a price-to-earnings ratio of -321.26, a PEG ratio of 6.42 and a beta of 1.09. The stock has a 50 day moving average of $91.72 and a 200-day moving average of $82.79. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 52 week low of $70.56 and a 52 week high of $116.96.

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.