Oppenheimer Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price objective raised by Oppenheimer from $125.00 to $135.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other analysts have also recently weighed in on OKTA. Barclays raised their price target on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday. Wells Fargo & Company raised their price target on Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and lowered their price target for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. JPMorgan Chase & Co. raised their price target on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Finally, Citigroup raised their price target on Okta from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Performance

NASDAQ:OKTA opened at $108.31 on Tuesday. The business’s 50-day moving average price is $89.88 and its two-hundred day moving average price is $82.47. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The stock has a market cap of $18.56 billion, a P/E ratio of -309.46, a PEG ratio of 6.42 and a beta of 1.09. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $2,159,178.75. This trade represents a 11.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction that occurred on Friday, December 20th. The stock was 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. Insiders have sold a total of 849,482 shares of company stock worth $74,422,216 in the last ninety days. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new position in shares of Okta in the 3rd quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Okta in the 4th quarter valued at approximately $25,000. Legacy Investment Solutions LLC purchased a new position in shares of Okta in the 3rd quarter valued at approximately $32,000. TD Private Client Wealth LLC lifted its stake in shares of Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after purchasing an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Okta in the 4th quarter valued at approximately $40,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.