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

Okta (NASDAQ:OKTA) had its target price increased by research analysts at KeyCorp from $115.00 to $125.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price objective points to a potential upside of 27.05% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Jefferies Financial Group cut their price target on Okta from $100.00 to $90.00 and set a “hold” rating on the stock in a research report on Thursday, December 19th. Westpark Capital reiterated a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Wednesday, December 4th. Barclays boosted their price target on shares of Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Canaccord Genuity Group boosted their target price on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Finally, Citigroup lifted their price target on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $104.87.

Okta Stock Performance

Shares of OKTA stock opened at $98.39 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The business has a fifty day moving average of $86.33 and a 200 day moving average of $82.06. The firm has a market capitalization of $16.86 billion, a price-to-earnings ratio of -283.28, a price-to-earnings-growth ratio of 6.58 and a beta of 1.03. Okta has a 1 year low of $70.56 and a 1 year high of $114.50.

Insider Buying and Selling at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total transaction of $6,337,500.00. The disclosure for this sale can be found here. Insiders have sold 978,168 shares of company stock valued at $84,758,269 in the last quarter. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several institutional investors have recently modified their holdings of the stock. Frank Rimerman Advisors LLC raised its stake in 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. Stephens Inc. AR grew its holdings in shares of Okta by 5.0% during the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock worth $260,000 after purchasing an additional 157 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Okta by 2.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock worth $605,000 after purchasing an additional 180 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Okta by 4.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock valued at $306,000 after purchasing an additional 182 shares during the last quarter. Finally, Great Lakes Advisors LLC boosted its position in shares of Okta by 2.7% in the 4th quarter. Great Lakes Advisors LLC now owns 7,070 shares of the company’s stock valued at $557,000 after purchasing an additional 184 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.