Okta (NASDAQ:OKTA) Reaches New 1-Year High After Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA)’s share price hit a new 52-week high on Wednesday after Stifel Nicolaus raised their price target on the stock from $115.00 to $120.00. Stifel Nicolaus currently has a buy rating on the stock. Okta traded as high as $114.87 and last traded at $114.91, with a volume of 7160569 shares. The stock had previously closed at $108.31.

OKTA has been the topic of a number of other reports. Sanford C. Bernstein dropped their price target on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a report on Tuesday, December 17th. The Goldman Sachs Group increased their target price on Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays lifted their price target on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday. Scotiabank increased their price objective on shares of Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a report on Tuesday. Finally, JMP Securities restated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. One equities 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Insiders Place Their Bets

In related news, 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 transaction of $19,180,534.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of Okta 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 completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $2,159,178.75. The trade was a 11.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 849,482 shares of company stock worth $74,422,216. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Large investors have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC grew its holdings in Okta by 2.4% during the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock worth $352,000 after purchasing an additional 105 shares during the period. The Manufacturers Life Insurance Company raised its stake in Okta by 1.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company’s stock valued at $620,000 after buying an additional 136 shares during the period. Stephens Inc. AR lifted its position in shares of Okta by 5.0% in the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock valued at $260,000 after buying an additional 157 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in shares of Okta by 3.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company’s stock worth $445,000 after acquiring an additional 171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Okta by 2.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock worth $605,000 after acquiring an additional 180 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Trading Up 7.4 %

The business has a 50 day moving average of $89.88 and a two-hundred day moving average of $82.47. The firm has a market cap of $19.93 billion, a P/E 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 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.