Okta’s (OKTA) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Okta (NASDAQ:OKTA) in a report released on Tuesday,Benzinga reports. The firm currently has a $115.00 price objective on the stock.

Several other research firms have also recently weighed in on OKTA. Stifel Nicolaus upped their price objective on Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Susquehanna upped their price target on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group lifted their price objective on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Truist Financial restated a “hold” rating and set a $92.00 target price (up previously from $80.00) on shares of Okta in a report on Wednesday, December 4th. Finally, 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 note on Tuesday, December 17th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Stock Down 4.4 %

Shares of Okta stock opened at $111.22 on Tuesday. The company has a market capitalization of $19.06 billion, a P/E ratio of -317.77, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The business has a 50-day moving average of $90.54 and a two-hundred day moving average of $82.70. Okta has a 1 year low of $70.56 and a 1 year high of $116.96.

Insider Buying and Selling at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 130,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total value of $13,650,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction 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. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 979,482 shares of company stock worth $88,072,216 over the last ninety days. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Okta during the fourth quarter valued at approximately $234,992,000. Ameriprise Financial Inc. lifted its holdings in Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after buying an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. lifted its holdings in Okta by 2,309.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after buying an additional 1,699,176 shares during the period. Point72 Asset Management L.P. boosted its position in Okta by 236.8% during 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 in the last quarter. Finally, Sachem Head Capital Management LP purchased a new position in shares of Okta in the 4th quarter valued at $105,592,000. 86.64% of the stock is currently owned by 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.