Okta (NASDAQ:OKTA) Upgraded by JPMorgan Chase & Co. to Overweight Rating

JPMorgan Chase & Co. upgraded shares of Okta (NASDAQ:OKTA) from a neutral rating to an overweight rating in a report released on Monday morning, MarketBeat reports. They currently have $100.00 price objective on the stock.

OKTA has been the subject of several other research reports. BMO Capital Markets boosted their target price on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. JMP Securities restated a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Citigroup increased their target price on Okta from $90.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group boosted their target price on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and cut their price target for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Okta presently has a consensus rating of “Hold” and an average target price of $104.27.

Okta Price Performance

OKTA stock opened at $84.76 on Monday. The stock has a market cap of $14.52 billion, a PE ratio of -242.17, a P/E/G ratio of 8.61 and a beta of 1.00. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The company has a 50-day moving average price of $77.10 and a 200 day moving average price of $83.40. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Transactions at Okta

In other news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the sale, the director now owns 1,622 shares of the company’s stock, valued at $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 604,425 shares of company stock valued at $46,098,322 in the last quarter. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

Large investors have recently made changes to their positions in the stock. 272 Capital LP purchased a new stake in Okta in the third quarter valued at approximately $1,241,000. Oddo BHF Asset Management Sas acquired a new stake in Okta during the 3rd quarter valued at approximately $5,343,000. Tidal Investments LLC boosted 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 valued at $1,866,000 after acquiring an additional 14,283 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Okta in the third quarter worth $108,000. Finally, Sanctuary Advisors LLC raised its holdings in shares of Okta by 125.8% during the third quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock worth $861,000 after purchasing an additional 6,265 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.