Mizuho Upgrades Okta (NASDAQ:OKTA) to “Outperform”

Okta (NASDAQ:OKTA) was upgraded by research analysts at Mizuho from a “neutral” rating to an “outperform” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $127.00 price target on the stock, up from their prior price target of $110.00. Mizuho’s price target points to a potential upside of 9.19% from the stock’s previous close.

Several other research analysts have also commented on the company. Citigroup boosted their price target on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Stifel Nicolaus boosted their price target on Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Westpark Capital reissued a “buy” rating and issued a $140.00 price target on shares of Okta in a research report on Friday, February 28th. JMP Securities reissued a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group dropped their target price on Okta from $100.00 to $90.00 and set a “hold” rating on the stock in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Okta Trading Up 7.4 %

OKTA opened at $116.31 on Tuesday. The firm has a market cap of $19.93 billion, a price-to-earnings ratio of -332.31, a PEG 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. Okta has a 12 month low of $70.56 and a 12 month high of $116.75. The stock has a fifty day moving average price of $89.88 and a 200-day moving average price of $82.47.

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 stock was 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 in the company, valued at $2,159,178.75. This represents a 11.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction dated 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 worth $74,422,216 over the last quarter. 7.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

Large investors have recently bought and sold shares of the business. Itau Unibanco Holding S.A. acquired a new position in Okta in the 3rd quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new position in Okta in the 4th quarter worth about $25,000. Legacy Investment Solutions LLC acquired a new position in Okta in the 3rd quarter worth about $32,000. TD Private Client Wealth LLC raised its holdings in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after purchasing an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in Okta in the 4th quarter worth about $40,000. Institutional investors and hedge funds 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.