Okta (NASDAQ:OKTA) Price Target Raised to $130.00

Okta (NASDAQ:OKTA) had its price objective increased by equities researchers at BMO Capital Markets from $105.00 to $130.00 in a research note issued on Monday,Briefing.com Automated Import reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ price target points to a potential upside of 15.62% from the stock’s previous close.

Several other equities analysts have also commented on the stock. KeyCorp increased their price target on shares of Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Truist Financial upped their target price on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. The Goldman Sachs Group lifted their price target on shares of Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Robert W. Baird upped their price objective on shares of Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, Piper Sandler lifted their target price on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $113.90.

Okta Stock Up 1.1 %

Okta stock opened at $112.44 on Monday. The stock has a market cap of $19.27 billion, a PE ratio of -321.26, a P/E/G ratio of 6.42 and a beta of 1.09. 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 stock’s fifty day moving average is $91.72 and its two-hundred day moving average is $82.79. Okta has a 1-year low of $70.56 and a 1-year high of $116.96.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at $1,969,191. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 979,482 shares of company stock worth $88,072,216. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank of Jackson Hole Trust acquired a new position in Okta during the fourth quarter worth about $25,000. Itau Unibanco Holding S.A. acquired a new position in shares of Okta during the 3rd quarter worth approximately $25,000. Legacy Investment Solutions LLC purchased a new stake in Okta in the 3rd quarter valued at approximately $32,000. TD Private Client Wealth LLC grew its holdings in Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after buying an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Okta during the 4th quarter valued at $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.