Okta, Inc. (NASDAQ:OKTA) Receives Consensus Rating of “Hold” from Brokerages

Okta, Inc. (NASDAQ:OKTA) has received a consensus recommendation of “Hold” from the thirty-two research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, fifteen have issued a hold recommendation and sixteen have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $104.45.

A number of research firms have recently commented on OKTA. BMO Capital Markets raised their target price on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Truist Financial reissued a “hold” rating and set a $92.00 price objective (up previously from $80.00) on shares of Okta in a research report on Wednesday, December 4th. Stifel Nicolaus upped 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. Citigroup lifted their price target on shares of Okta from $90.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Mizuho cut their price objective on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th.

Okta Price Performance

OKTA stock opened at $81.69 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The firm has a 50-day moving average of $77.51 and a 200 day moving average of $83.36. The company has a market cap of $14.00 billion, a P/E ratio of -233.40, a PEG ratio of 8.61 and a beta of 1.00.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction 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 transaction, the director now directly owns 1,622 shares in the company, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 403,913 shares of company stock worth $31,017,815. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP lifted its position in shares of 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 acquiring an additional 1,227,890 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Okta in the 3rd quarter worth approximately $49,373,000. Eminence Capital LP boosted its stake in Okta by 18.1% in the 2nd 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 period. Robeco Institutional Asset Management B.V. boosted its stake in Okta by 232.0% in the 3rd 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 period. Finally, Truist Financial Corp grew its holdings in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares in the last quarter. 86.64% of the stock is currently owned by 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.