Okta (NASDAQ:OKTA) Price Target Raised to $110.00 at Mizuho

Okta (NASDAQ:OKTA) had its target price hoisted by Mizuho from $100.00 to $110.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research analysts have also recently issued reports on OKTA. Jefferies Financial Group dropped their target price on shares of Okta from $100.00 to $90.00 and set a “hold” rating on the stock in a report on Thursday, December 19th. Truist Financial reiterated a “hold” rating and set a $92.00 target price (up from $80.00) on shares of Okta in a report on Wednesday, December 4th. Barclays increased their target price 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. Guggenheim restated a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Wednesday, December 4th. Finally, Stifel Nicolaus raised their price target on shares of Okta from $108.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.45.

Okta Price Performance

Shares of Okta stock opened at $98.26 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The firm’s 50-day moving average is $86.85 and its two-hundred day moving average is $82.19.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 65,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total transaction of $6,337,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 978,168 shares of company stock worth $84,758,269. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Hedge funds have recently added to or reduced their stakes in the stock. Bank of Jackson Hole Trust purchased a new position in Okta in the fourth quarter valued at approximately $25,000. Itau Unibanco Holding S.A. purchased a new position in Okta in the third quarter valued at approximately $25,000. Blue Trust Inc. increased its stake in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in Okta in the third quarter valued at approximately $32,000. Finally, TD Private Client Wealth LLC increased its stake in Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after purchasing an additional 456 shares during the last quarter. 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.