Canaccord Genuity Group Increases Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its price target raised by analysts at Canaccord Genuity Group from $94.00 to $100.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential downside of 14.02% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on OKTA. Westpark Capital reiterated a “buy” rating and set a $140.00 price objective on shares of Okta in a research report on Friday, February 28th. UBS Group lifted their price target on shares of Okta from $108.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Barclays increased their price objective on shares of Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday. Robert W. Baird lifted their target price on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. boosted their target price on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, Okta currently has an average rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Performance

NASDAQ:OKTA opened at $116.31 on Tuesday. The stock has a 50-day moving average price of $89.88 and a 200 day moving average price of $82.47. The stock has a market capitalization of $19.93 billion, a P/E ratio of -332.31, a P/E/G ratio of 6.42 and a beta of 1.09. Okta has a 12-month low of $70.56 and a 12-month high of $116.75. 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 Buying and Selling

In other news, insider Larissa Schwartz sold 2,740 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total transaction of $267,396.60. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $2,159,178.75. This trade represents a 11.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the 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 849,482 shares of company stock valued at $74,422,216 in the last 90 days. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several institutional investors and hedge funds have recently made changes to their positions in OKTA. Fluent Financial LLC bought a new position in Okta during the 4th quarter worth about $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Okta in the 4th quarter worth approximately $8,680,000. Forum Financial Management LP purchased a new position in Okta during the fourth quarter valued at approximately $333,000. University of Texas Texas AM Investment Management Co. purchased a new position in Okta during the fourth quarter valued at approximately $40,000. Finally, PharVision Advisers LLC bought a new position in Okta in the fourth quarter worth approximately $299,000. 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.