Okta (NASDAQ:OKTA) Price Target Raised to $140.00

Okta (NASDAQ:OKTA) had its price target raised by JPMorgan Chase & Co. from $120.00 to $140.00 in a research note published on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

OKTA has been the topic of several other reports. Barclays lifted their price objective on shares of Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. BTIG Research reissued a “buy” rating on shares of Okta in a report on Thursday. Oppenheimer lifted their price objective on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. The Goldman Sachs Group lifted their price objective on shares of Okta from $107.00 to $123.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Finally, Mizuho lifted their price objective on shares of Okta from $127.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Okta has a consensus rating of “Moderate Buy” and an average target price of $120.17.

Okta Stock Performance

Shares of OKTA stock opened at $123.72 on Friday. The firm has a market cap of $21.48 billion, a price-to-earnings ratio of -353.49, a PEG ratio of 6.42 and a beta of 0.96. The company’s 50 day moving average is $109.45 and its 200 day moving average is $95.88. 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.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 11,552 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at $2,524,241.25. The trade was a 34.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the business’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the transaction, the executive now owns 19,067 shares of the company’s stock, valued at $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. Insiders sold 154,452 shares of company stock worth $16,347,360 over the last three months. Company insiders own 5.68% of the company’s stock.

Institutional Investors Weigh In On Okta

Several hedge funds have recently modified their holdings of the company. TD Private Client Wealth LLC boosted its stake 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 boosted its stake in shares of Okta by 5.7% during the 1st quarter. Allworth Financial LP now owns 1,708 shares of the company’s stock worth $173,000 after acquiring an additional 92 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Okta by 12.6% during the 1st quarter. Smartleaf Asset Management LLC now owns 824 shares of the company’s stock worth $89,000 after acquiring an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its stake in shares of Okta by 7.2% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company’s stock worth $156,000 after acquiring an additional 100 shares in the last quarter. Finally, Frank Rimerman Advisors LLC boosted its stake in shares of Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock worth $352,000 after acquiring an additional 105 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.