Westpark Capital Reiterates Buy Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating restated by equities researchers at Westpark Capital in a note issued to investors on Wednesday,Benzinga reports. They currently have a $140.00 target price on the stock. Westpark Capital’s price objective suggests a potential upside of 67.64% from the stock’s previous close.

Several other equities research analysts have also commented on OKTA. Scotiabank dropped their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 29th. JPMorgan Chase & Co. reduced their target price on shares of Okta from $105.00 to $85.00 and set a “neutral” rating for the company in a report on Friday, November 29th. Needham & Company LLC initiated coverage on shares of Okta in a report on Thursday, October 17th. They set a “buy” rating and a $100.00 target price for the company. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $92.00 to $97.00 in a research note on Monday. Finally, Wells Fargo & Company decreased their price objective on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Okta currently has a consensus rating of “Hold” and an average target price of $103.77.

Okta Price Performance

OKTA opened at $83.51 on Wednesday. The firm has a market cap of $14.19 billion, a price-to-earnings ratio of -247.03, a price-to-earnings-growth ratio of 20.94 and a beta of 1.00. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company’s 50-day moving average price is $75.37 and its 200 day moving average price is $84.29. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Activity at Okta

In other news, Director Jacques Frederic Kerrest sold 131,426 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the transaction, the director now directly owns 1,622 shares in the company, valued at approximately $130,862.96. This represents a 98.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now owns 27,713 shares in the company, valued at $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 607,215 shares of company stock valued at $46,304,810 over the last quarter. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace LLP increased its stake in Okta by 117.4% in the second 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 during the third quarter worth $49,373,000. Eminence Capital LP boosted its holdings in Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after purchasing an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after purchasing an additional 277,084 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares during the last quarter. 86.64% of the stock is owned by 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.