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

Okta (NASDAQ:OKTA) had its price target boosted by Jefferies Financial Group from $110.00 to $135.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a hold rating on the stock.

A number of other equities research analysts have also recently commented on OKTA. Wells Fargo & Company lifted their price objective on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. UBS Group reaffirmed a “buy” rating and set a $150.00 price objective (up from $120.00) on shares of Okta in a research note on Thursday. Citigroup increased their target price on shares of Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Morgan Stanley cut their target price on shares of Okta from $125.00 to $123.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Truist Financial increased their target price on shares of Okta from $92.00 to $100.00 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 given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $120.17.

Okta Trading Down 0.2%

OKTA stock opened at $123.72 on Friday. 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 twelve month low of $70.56 and a twelve month high of $127.57. The business has a fifty day moving average of $109.45 and a 200-day moving average of $95.88. The company has a market cap of $21.48 billion, a P/E ratio of -353.49, a PEG ratio of 6.42 and a beta of 0.96.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 130,000 shares of the firm’s stock in a transaction that occurred on 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 Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. The trade was 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 over the last three months. Insiders own 5.68% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Okta by 3.4% during the first quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company’s stock worth $1,872,167,000 after purchasing an additional 582,956 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Okta by 325.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company’s stock worth $389,308,000 after purchasing an additional 2,830,582 shares during the period. Marshall Wace LLP increased its stake in shares of Okta by 35.5% during the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock worth $282,414,000 after purchasing an additional 938,509 shares during the period. Norges Bank bought a new position in shares of Okta during the fourth quarter worth approximately $234,992,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Okta by 76.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company’s stock worth $289,234,000 after purchasing an additional 1,189,222 shares during the period. Institutional investors own 86.64% of the company’s stock.

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.