Oppenheimer Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price objective hoisted by equities researchers at Oppenheimer from $125.00 to $135.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target would suggest a potential upside of 29.88% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Piper Sandler lifted their price objective on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Needham & Company LLC restated a “buy” rating and issued a $115.00 price target on shares of Okta in a research note on Tuesday. BTIG Research upped their price objective on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Truist Financial reissued a “hold” rating and issued a $92.00 target price (up previously from $80.00) on shares of Okta in a report on Wednesday, December 4th. Finally, Citigroup upped their price target on shares of Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $112.03.

Okta Stock Performance

Shares of NASDAQ:OKTA traded up $16.78 on Tuesday, reaching $103.94. The company’s stock had a trading volume of 6,493,194 shares, compared to its average volume of 2,639,039. Okta has a 52-week low of $70.56 and a 52-week high of $114.50. The stock has a market capitalization of $17.81 billion, a P/E ratio of -296.87, a PEG ratio of 6.42 and a beta of 1.09. The stock’s 50-day moving average is $89.37 and its two-hundred day moving average is $82.38. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,740 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 849,482 shares of company stock valued at $74,422,216. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. acquired a new position in Okta during the third quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Okta during the 4th quarter valued at $25,000. Legacy Investment Solutions LLC purchased a new stake in shares of Okta during the 3rd quarter valued at $32,000. TD Private Client Wealth LLC increased its holdings in shares of Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Okta in the 4th quarter worth $40,000. 86.64% of the stock is currently 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.