The Goldman Sachs Group Increases Okta (NASDAQ:OKTA) Price Target to $123.00

Okta (NASDAQ:OKTA) had its price target upped by research analysts at The Goldman Sachs Group from $107.00 to $123.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 5.75% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Robert W. Baird lifted their price target on shares of Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Guggenheim reissued a “buy” rating and set a $130.00 price target on shares of Okta in a report on Wednesday, December 4th. Piper Sandler boosted their price target on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Canaccord Genuity Group upped their price objective on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Finally, BMO Capital Markets lifted their target price on Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Performance

Shares of OKTA stock opened at $116.31 on Tuesday. Okta has a 52 week low of $70.56 and a 52 week high of $116.75. The firm has a market capitalization 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 stock has a fifty day moving average of $89.88 and a 200 day 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.

Insider Activity

In other news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the sale, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s 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 disclosure for this sale can be found here. In the last quarter, insiders sold 849,482 shares of company stock worth $74,422,216. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC raised its stake in shares of Okta by 3,719.2% in the third quarter. International Assets Investment Management LLC now owns 9,739 shares of the company’s stock worth $724,000 after purchasing an additional 9,484 shares during the last quarter. Stephens Inc. AR grew its stake in Okta by 19.2% in the 3rd quarter. Stephens Inc. AR now owns 3,139 shares of the company’s stock valued at $233,000 after acquiring an additional 505 shares during the period. Creative Financial Designs Inc. ADV grew its position in shares of Okta by 12.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,704 shares of the company’s stock valued at $127,000 after purchasing an additional 188 shares during the period. Harbor Capital Advisors Inc. increased its stake in Okta by 37.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 7,031 shares of the company’s stock worth $523,000 after buying an additional 1,916 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in Okta by 232.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after purchasing an additional 277,084 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other 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.