Okta’s (OKTA) Buy Rating Reiterated at Guggenheim

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reaffirmed by equities researchers at Guggenheim in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They presently have a $140.00 price objective on the stock, up from their previous price objective of $130.00. Guggenheim’s price target indicates a potential upside of 12.99% from the company’s previous close.

Other analysts also recently issued research reports about the company. Stephens initiated coverage on Okta in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $127.00 target price on the stock. Morgan Stanley lowered their price target on Okta from $125.00 to $123.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. DA Davidson increased their price objective on Okta from $125.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Needham & Company LLC reissued a “buy” rating and issued a $115.00 target price on shares of Okta in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus boosted their target price on shares of Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.46.

Okta Trading Up 1.5%

Shares of NASDAQ:OKTA opened at $123.91 on Tuesday. The company’s 50-day moving average price is $109.24 and its two-hundred day moving average price is $95.28. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a one year low of $70.56 and a one year high of $127.57. The stock has a market capitalization of $21.51 billion, a PE ratio of -354.03, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96.

Insider Buying and Selling at Okta

In related 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 value of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares of the company’s stock, valued at $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total transaction of $13,650,000.00. The disclosure for this sale can be found here. Insiders sold 154,452 shares of company stock valued at $16,347,360 in the last quarter. Company insiders own 5.68% of the company’s stock.

Hedge Funds Weigh In On Okta

Several hedge funds have recently bought and sold shares of the company. TD Private Client Wealth LLC boosted its position in shares of Okta by 19.6% during the 1st quarter. TD Private Client Wealth LLC now owns 561 shares of the company’s stock worth $59,000 after acquiring an additional 92 shares in the last quarter. Allworth Financial LP lifted its stake in Okta by 5.7% during the first quarter. Allworth Financial LP now owns 1,708 shares of the company’s stock worth $173,000 after purchasing an additional 92 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Okta by 12.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 824 shares of the company’s stock valued at $89,000 after purchasing an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC increased its stake in shares of Okta by 7.2% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company’s stock valued at $156,000 after purchasing an additional 100 shares during the last quarter. Finally, Frank Rimerman Advisors LLC increased its stake in shares of Okta by 2.4% in 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 during the last quarter. 86.64% of the stock is 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.