Okta (NASDAQ:OKTA) Shares Gap Up After Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA) gapped up prior to trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $115.00 to $120.00. The stock had previously closed at $87.16, but opened at $100.06. Stifel Nicolaus currently has a buy rating on the stock. Okta shares last traded at $101.99, with a volume of 4,986,952 shares trading hands.

A number of other equities analysts have also commented on OKTA. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and dropped their price target for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. Oppenheimer lifted their price target on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Tuesday. Royal Bank of Canada lifted their price target on shares of Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Tuesday. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. Finally, BMO Capital Markets lifted their price target on shares of Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $113.10.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,740 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total value of $267,396.60. Following the sale, the insider now owns 22,125 shares of the company’s stock, valued at approximately $2,159,178.75. This represents a 11.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total transaction of $293,738.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds have recently added to or reduced their stakes in OKTA. International Assets Investment Management LLC grew its holdings in Okta by 3,719.2% during the 3rd quarter. International Assets Investment Management LLC now owns 9,739 shares of the company’s stock worth $724,000 after acquiring an additional 9,484 shares during the last quarter. Stephens Inc. AR grew its holdings in Okta by 19.2% during the 3rd quarter. Stephens Inc. AR now owns 3,139 shares of the company’s stock worth $233,000 after acquiring an additional 505 shares during the last quarter. Creative Financial Designs Inc. ADV grew its holdings in Okta by 12.4% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,704 shares of the company’s stock worth $127,000 after acquiring an additional 188 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in Okta by 37.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 7,031 shares of the company’s stock worth $523,000 after acquiring an additional 1,916 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Okta by 232.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after acquiring an additional 277,084 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Stock Up 24.3 %

The company has a market cap of $18.56 billion, a P/E ratio of -309.46, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. 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 firm’s 50 day moving average price is $89.88 and its 200-day moving average price is $82.47.

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.