Robert W. Baird Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its price target increased by investment analysts at Robert W. Baird from $95.00 to $105.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 25.73% from the company’s previous close.

A number of other equities research analysts have also commented on the company. Mizuho dropped their target price on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Jefferies Financial Group decreased their target price on Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, September 24th. Royal Bank of Canada reduced their price objective on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Needham & Company LLC started coverage on Okta in a research note on Thursday, October 17th. They issued a “buy” rating and a $100.00 price objective for the company. Finally, Truist Financial cut their target price on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $103.77.

Okta Stock Performance

OKTA stock opened at $83.51 on Wednesday. The company has a market capitalization of $14.19 billion, a P/E ratio of -247.03, a PEG ratio of 20.94 and a beta of 1.00. 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 business has a 50-day moving average price of $75.37 and a 200 day moving average price of $84.29. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insiders Place Their Bets

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

Institutional Trading of Okta

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its stake in shares of Okta by 15.7% in the 1st quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock worth $565,000 after buying an additional 734 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Okta by 87.4% in the first quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock worth $1,806,000 after buying an additional 8,051 shares during the last quarter. Cetera Advisors LLC acquired a new position in shares of Okta during the 1st quarter worth about $946,000. EverSource Wealth Advisors LLC lifted its position in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in Okta by 10.0% during the second quarter. Harbor Capital Advisors Inc. now owns 5,115 shares of the company’s stock valued at $479,000 after acquiring an additional 465 shares during the period. 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.