Scotiabank Raises Okta (NASDAQ:OKTA) Price Target to $109.00

Okta (NASDAQ:OKTA) had its price objective upped by research analysts at Scotiabank from $94.00 to $109.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price target would suggest a potential downside of 6.28% from the stock’s current price.

A number of other equities analysts have also recently commented on OKTA. Sanford C. Bernstein dropped their price target on shares of Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research note on Tuesday, December 17th. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. BMO Capital Markets boosted their price objective on shares of Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. KeyCorp boosted their price objective on shares of Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Susquehanna boosted their price objective on shares of Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given 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.

Okta Price Performance

OKTA stock opened at $116.31 on Tuesday. 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. The company 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 cap of $19.93 billion, a PE ratio of -332.31, a P/E/G ratio of 6.42 and a beta of 1.09.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,740 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 22,125 shares in the company, valued at $2,159,178.75. This trade represents a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 849,482 shares of company stock valued at $74,422,216. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several large investors have recently made changes to their positions in the business. Marshall Wace LLP boosted its holdings in shares of Okta by 35.5% in the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after acquiring an additional 938,509 shares during the last quarter. Norges Bank purchased a new stake in shares of Okta in the 4th quarter valued at $234,992,000. Geode Capital Management LLC boosted its holdings in shares of Okta by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after acquiring an additional 135,110 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Okta by 236.8% in the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after acquiring an additional 1,572,786 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other 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.