Mizuho Increases Okta (NASDAQ:OKTA) Price Target to $135.00

Okta (NASDAQ:OKTA) had its price objective increased by research analysts at Mizuho from $127.00 to $135.00 in a report released on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Mizuho’s target price suggests a potential upside of 6.05% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Canaccord Genuity Group raised their price objective on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and raised their price objective for the company from $90.00 to $125.00 in a report on Tuesday, March 4th. Cantor Fitzgerald began coverage on Okta in a report on Monday, March 31st. They issued an “overweight” rating and a $130.00 price objective on the stock. Wells Fargo & Company lifted their price target on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Finally, Jefferies Financial Group lifted their price target on Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Okta has an average rating of “Moderate Buy” and an average target price of $117.74.

Okta Trading Up 2.3%

Shares of OKTA stock opened at $127.30 on Thursday. The stock’s fifty day moving average is $108.15 and its two-hundred day moving average is $93.85. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market capitalization of $22.10 billion, a P/E ratio of -363.71, a PEG ratio of 6.42 and a beta of 0.96. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of the business’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of the business’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. This represents a 34.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock valued at $16,347,360 in the last three months. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Okta by 3.4% in the first quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company’s stock valued at $1,872,167,000 after purchasing an additional 582,956 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings 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 purchasing an additional 2,830,582 shares in the last quarter. Marshall Wace LLP boosted its holdings in Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after purchasing an additional 938,509 shares in the last quarter. Norges Bank acquired a new position in Okta in the fourth quarter valued at approximately $234,992,000. Finally, Geode Capital Management LLC boosted its holdings in Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after purchasing an additional 135,110 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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.