Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Okta (NASDAQ:OKTA) had its price objective boosted by investment analysts at Jefferies Financial Group from $85.00 to $100.00 in a report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s price objective suggests a potential upside of 19.75% from the stock’s previous close.

OKTA has been the subject of several other research reports. Royal Bank of Canada dropped their price objective on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. 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 research report on Wednesday. Canaccord Genuity Group lowered their price objective on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Friday, October 18th. Needham & Company LLC lifted their price objective on Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Truist Financial dropped their price objective on shares of Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Okta has a consensus rating of “Hold” and a consensus price target of $103.77.

Okta Stock Down 3.0 %

Okta stock opened at $83.51 on Wednesday. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The company’s 50 day simple moving average is $75.37 and its 200 day simple moving average is $84.29. The firm has a market capitalization of $14.19 billion, a price-to-earnings ratio of -238.60, a PEG ratio of 20.94 and a beta of 1.00.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the transaction, the director now owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 607,215 shares of company stock valued at $46,304,810 over the last quarter. 7.00% of the stock is owned by insiders.

Institutional Trading of Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its stake in shares of Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after purchasing an additional 1,227,890 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Okta in the 3rd quarter valued at approximately $49,373,000. Eminence Capital LP grew its stake in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after buying an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Okta by 232.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after acquiring an additional 277,084 shares during the period. Finally, Truist Financial Corp boosted its position in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.