Okta (NASDAQ:OKTA) Price Target Raised to $135.00

Okta (NASDAQ:OKTA) had its price objective lifted by BMO Capital Markets from $130.00 to $135.00 in a report released on Wednesday morning, Marketbeat Ratings reports. They currently have a market perform rating on the stock.

A number of other equities research analysts also recently commented on the company. Royal Bank of Canada lifted their price objective on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Canaccord Genuity Group boosted their price target on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. Oppenheimer boosted their price target on Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Morgan Stanley lowered their price target on Okta from $125.00 to $123.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Scotiabank boosted their price target on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $117.74.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $127.30 on Wednesday. The company has a market cap of $22.10 billion, a P/E ratio of -363.71, a P/E/G ratio of 6.42 and a beta of 0.96. The company has a quick ratio of 1.34, a current 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 $127.57. The business has a fifty day simple moving average of $108.15 and a 200-day simple moving average of $93.85.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 130,000 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total value of $13,650,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 value of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares in the company, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 154,452 shares of company stock worth $16,347,360. 7.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. TD Private Client Wealth LLC increased its holdings in Okta by 19.6% in the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company’s stock valued at $59,000 after buying an additional 92 shares during the last quarter. Allworth Financial LP increased its holdings in Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company’s stock valued at $173,000 after buying an additional 92 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Okta by 12.6% in the first quarter. Smartleaf Asset Management LLC now owns 824 shares of the company’s stock valued at $89,000 after buying an additional 92 shares during the last quarter. GPS Wealth Strategies Group LLC increased its holdings in Okta by 7.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company’s stock valued at $156,000 after buying an additional 100 shares during the last quarter. Finally, Frank Rimerman Advisors LLC increased its holdings in Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock valued at $352,000 after buying an additional 105 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.