Okta (NASDAQ:OKTA) Receives New Coverage from Analysts at Scotiabank

Scotiabank started coverage on shares of Okta (NASDAQ:OKTA – Get Rating) in a research note issued to investors on Wednesday, The Fly reports. The firm issued an outperform rating on the stock.

Several other equities research analysts have also commented on OKTA. Citigroup decreased their price objective on shares of Okta from $98.00 to $65.00 in a research note on Sunday, November 13th. Sumitomo Mitsui Financial Group began coverage on shares of Okta in a research note on Wednesday, January 4th. They issued an outperform rating and a $90.00 price objective for the company. Wedbush began coverage on shares of Okta in a research note on Wednesday, December 14th. They issued an outperform rating and a $86.00 price objective for the company. Truist Financial decreased their price objective on shares of Okta from $70.00 to $60.00 in a research note on Thursday, November 10th. Finally, Wolfe Research reduced their target price on shares of Okta from $100.00 to $70.00 and set an outperform rating for the company in a research report on Friday, November 11th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $87.27.

Okta Trading Down 3.6 %

OKTA opened at $68.59 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.30 and a quick ratio of 2.30. Okta has a fifty-two week low of $44.12 and a fifty-two week high of $210.41. The firm has a market capitalization of $10.99 billion, a PE ratio of -11.87 and a beta of 1.05. The company’s 50-day moving average is $62.22 and its 200 day moving average is $71.16.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 18,729 shares of the firm’s stock in a transaction on Thursday, November 3rd. The shares were sold at an average price of $49.15, for a total transaction of $920,530.35. Following the sale, the director now owns 100 shares in the company, valued at approximately $4,915. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Jacques Frederic Kerrest sold 18,729 shares of the firm’s stock in a transaction on Thursday, November 3rd. The shares were sold at an average price of $49.15, for a total transaction of $920,530.35. Following the sale, the director now owns 100 shares in the company, valued at approximately $4,915. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ledger Susan St. sold 2,504 shares of Okta stock in a transaction on Friday, December 16th. The stock was sold at an average price of $67.41, for a total transaction of $168,794.64. Following the completion of the transaction, the insider now owns 67,298 shares in the company, valued at approximately $4,536,558.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,669 shares of company stock worth $1,725,406. 7.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of large investors have recently added to or reduced their stakes in the business. Johnson & White Wealth Management LLC purchased a new position in Okta in the 4th quarter worth $710,000. Maryland State Retirement & Pension System purchased a new position in Okta in the 4th quarter worth $790,000. Diversified Trust Co increased its position in shares of Okta by 22.7% in the fourth quarter. Diversified Trust Co now owns 14,961 shares of the company’s stock valued at $1,022,000 after acquiring an additional 2,763 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Okta by 3,773.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 522,448 shares of the company’s stock valued at $35,699,000 after acquiring an additional 508,959 shares during the period. Finally, Toroso Investments LLC increased its position in shares of Okta by 6.1% in the third quarter. Toroso Investments LLC now owns 2,866 shares of the company’s stock valued at $163,000 after acquiring an additional 165 shares during the period. Hedge funds and other institutional investors own 73.02% of the company’s stock.

Okta Company Profile

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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.