Citigroup Boosts Okta (NASDAQ:OKTA) Price Target to $110.00

Okta (NASDAQ:OKTA) had its target price boosted by research analysts at Citigroup from $100.00 to $110.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential downside of 5.43% from the stock’s current price.

OKTA has been the subject of a number of other research reports. Wells Fargo & Company increased their target price on shares of Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a report on Tuesday. Robert W. Baird increased their target price on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft cut shares of Okta from a “buy” rating to a “hold” rating and dropped their target price for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. Jefferies Financial Group upped their price objective on Okta from $90.00 to $110.00 and gave the company a “hold” rating in a research note on Tuesday. Finally, KeyCorp upped their price objective on Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $113.10.

Okta Trading Up 7.4 %

OKTA opened at $116.31 on Tuesday. Okta has a twelve month low of $70.56 and a twelve month high of $116.75. The company has a 50-day simple moving average of $89.88 and a 200 day simple moving average of $82.47. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $19.93 billion, a price-to-earnings ratio of -332.31, a P/E/G ratio of 6.42 and a beta of 1.09.

Insider Transactions at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. This represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 849,482 shares of company stock valued at $74,422,216 in the last quarter. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

Large investors have recently modified their holdings of the company. Itau Unibanco Holding S.A. bought a new position in shares of Okta in the 3rd quarter worth $25,000. Bank of Jackson Hole Trust bought a new position in Okta during the 4th quarter valued at $25,000. Legacy Investment Solutions LLC bought a new position in Okta during the 3rd quarter valued at $32,000. TD Private Client Wealth LLC lifted its stake in Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after acquiring an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Okta during the 4th quarter valued at $40,000. 86.64% of the stock is currently owned by institutional investors.

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.