Scotiabank Boosts Okta (NASDAQ:OKTA) Price Target to $96.00

Okta (NASDAQ:OKTA) had its target price boosted by stock analysts at Scotiabank from $92.00 to $96.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price target points to a potential upside of 14.52% from the company’s current price.

Several other brokerages have also recently commented on OKTA. Westpark Capital reiterated a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Wednesday. UBS Group reduced their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Needham & Company LLC raised their price objective on Okta from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday. Piper Sandler boosted their target price on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Stifel Nicolaus upped their target price on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Okta currently has an average rating of “Hold” and a consensus price target of $103.07.

Okta Price Performance

NASDAQ:OKTA traded up $2.12 during trading hours on Wednesday, hitting $83.83. The company’s stock had a trading volume of 8,003,086 shares, compared to its average volume of 2,023,463. Okta has a 52-week low of $70.56 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The business’s 50-day moving average is $75.15 and its two-hundred day moving average is $84.27. The company has a market capitalization of $14.24 billion, a PE ratio of -99.80, a PEG ratio of 19.79 and a beta of 1.00.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock worth $35,701,361 over the last ninety days. 7.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently bought and sold shares of OKTA. Oddo BHF Asset Management Sas acquired a new position in Okta in the third quarter valued at approximately $5,343,000. Tidal Investments LLC lifted its holdings in shares of Okta by 132.0% in the 3rd quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock worth $1,866,000 after purchasing an additional 14,283 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Okta during the 3rd quarter valued at approximately $108,000. Sanctuary Advisors LLC grew its stake in Okta by 125.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock worth $861,000 after buying an additional 6,265 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Okta in the third quarter worth $2,436,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.