Okta (NASDAQ:OKTA) Price Target Lowered to $94.00 at Scotiabank

Okta (NASDAQ:OKTA) had its price target trimmed by Scotiabank from $96.00 to $94.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $101.00 target price on shares of Okta in a research note on Wednesday, December 4th. Wells Fargo & Company raised their price objective on Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Needham & Company LLC boosted their target price on Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Barclays raised their price target on Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Finally, Westpark Capital reiterated a “buy” rating and issued a $140.00 price target on shares of Okta in a research note 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.55.

Okta Stock Performance

Shares of OKTA stock opened at $89.40 on Tuesday. 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 company’s fifty day moving average price is $81.45 and its 200-day moving average price is $82.23. The stock has a market cap of $15.32 billion, a PE ratio of -255.43, a price-to-earnings-growth ratio of 8.82 and a beta of 1.00. Okta has a 12 month low of $70.56 and a 12 month high of $114.50.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the sale, the insider now owns 24,462 shares in the company, valued at $1,969,191. The trade was a 9.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 369,949 shares of company stock valued at $30,201,213. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Okta by 20.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after purchasing an additional 178,011 shares in the last quarter. Amalgamated Bank raised its position in shares of Okta by 5.2% during the 2nd quarter. Amalgamated Bank now owns 9,351 shares of the company’s stock valued at $875,000 after buying an additional 461 shares in the last quarter. Intech Investment Management LLC lifted its holdings in shares of Okta by 36.4% in the 2nd quarter. Intech Investment Management LLC now owns 15,116 shares of the company’s stock valued at $1,415,000 after acquiring an additional 4,031 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Okta by 639.5% in the second quarter. Canada Pension Plan Investment Board now owns 56,200 shares of the company’s stock worth $5,261,000 after acquiring an additional 48,600 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in Okta by 900.4% during the second quarter. Pacer Advisors Inc. now owns 32,452 shares of the company’s stock worth $3,038,000 after acquiring an additional 29,208 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.