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

Okta (NASDAQ:OKTA) had its price objective boosted by stock analysts at UBS Group from $108.00 to $120.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s target price indicates a potential upside of 26.64% from the company’s current price.

A number of other equities research analysts also recently commented on the stock. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $92.00 to $97.00 in a report on Monday, December 2nd. Stifel Nicolaus raised their target price on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Mizuho raised their target price on shares of Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Barclays raised their target price on shares of Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler raised their target price on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $105.84.

Okta Trading Down 2.3 %

Shares of NASDAQ OKTA traded down $2.22 during midday trading on Thursday, reaching $94.76. 88,256 shares of the stock were exchanged, compared to its average volume of 2,393,510. The company has a market capitalization of $16.24 billion, a P/E ratio of -271.01, a P/E/G ratio of 6.54 and a beta of 1.03. Okta has a 52-week low of $70.56 and a 52-week high of $114.50. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average price of $88.20 and a 200-day moving average price of $82.38.

Insider Buying and Selling at Okta

In other Okta news, insider Larissa Schwartz sold 2,740 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction on Friday, December 20th. The shares were 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. Insiders sold a total of 980,908 shares of company stock worth $85,025,665 over the last 90 days. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Institutional investors and hedge funds have recently bought and sold shares of the business. University of Texas Texas AM Investment Management Co. acquired a new stake in Okta during the 4th quarter worth about $40,000. PharVision Advisers LLC acquired a new stake in Okta during the 4th quarter worth about $299,000. Woodline Partners LP acquired a new stake in Okta during the 4th quarter worth about $2,199,000. Vident Advisory LLC raised its holdings in Okta by 27.1% during the 4th quarter. Vident Advisory LLC now owns 111,463 shares of the company’s stock worth $8,783,000 after buying an additional 23,752 shares during the period. Finally, Twinbeech Capital LP acquired a new position in shares of Okta in the 4th quarter valued at about $5,193,000. 86.64% of the stock is 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.