Guggenheim Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its target price upped by investment analysts at Guggenheim from $130.00 to $140.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 14.70% from the company’s previous close.

A number of other analysts have also commented on the company. JPMorgan Chase & Co. raised their price target on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. KeyCorp raised their price target on Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 4th. Cantor Fitzgerald initiated coverage on Okta in a research note on Monday, March 31st. They issued an “overweight” rating and a $130.00 price target for the company. The Goldman Sachs Group raised their price target on Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, Robert W. Baird raised their price target on Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $118.03.

Okta Stock Down 2.8%

Shares of Okta stock opened at $122.06 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 52-week low of $70.56 and a 52-week high of $127.57. The stock has a market capitalization of $21.19 billion, a price-to-earnings ratio of -348.74, a P/E/G ratio of 6.42 and a beta of 0.96. The company’s 50 day moving average price is $109.07 and its 200-day moving average price is $94.93.

Insiders Place Their Bets

In other Okta news, insider Eric Robert Kelleher sold 5,895 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares of the company’s stock, valued at approximately $1,117,935. The trade was a 37.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the business’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the sale, the executive now owns 19,067 shares of the company’s stock, valued at approximately $1,929,389.73. This represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 154,452 shares of company stock valued at $16,347,360. 5.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

Large investors have recently made changes to their positions in the company. Wolff Wiese Magana LLC grew its stake in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock valued at $26,000 after purchasing an additional 154 shares during the period. Wayfinding Financial LLC bought a new stake in shares of Okta during the 1st quarter valued at about $27,000. Harbour Investments Inc. grew its stake in shares of Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 157 shares during the period. Rossby Financial LCC bought a new stake in shares of Okta during the 1st quarter valued at about $31,000. Finally, Bank of Jackson Hole Trust bought a new stake in shares of Okta during the 4th quarter valued at about $25,000. 86.64% of the stock is currently owned by institutional investors.

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.