Okta (NASDAQ:OKTA) Now Covered by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Okta (NASDAQ:OKTA) in a research report released on Tuesday, MarketBeat reports. The brokerage issued an overweight rating and a $125.00 price objective on the stock.

OKTA has been the subject of a number of other reports. UBS Group set a $135.00 price objective on Okta in a report on Tuesday, March 4th. JPMorgan Chase & Co. upped their target price on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Canaccord Genuity Group lifted their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Robert W. Baird upped their price objective on shares of Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, Scotiabank lifted their target price on shares of Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.29.

Okta Stock Down 2.4 %

OKTA opened at $112.92 on Tuesday. The firm has a market capitalization of $19.60 billion, a P/E ratio of -322.63, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. Okta has a one year low of $70.56 and a one year high of $116.96. The company has a fifty day moving average price of $95.78 and a 200-day moving average price of $83.66. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Insider Activity

In related news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the company’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 value of $19,180,534.68. The disclosure for this sale can be found here. Insiders have sold 985,377 shares of company stock worth $88,742,772 in the last three months. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP increased its holdings in shares of Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock worth $282,414,000 after purchasing an additional 938,509 shares during the last quarter. Norges Bank bought a new stake in Okta in the 4th quarter worth approximately $234,992,000. Geode Capital Management LLC raised its holdings in shares of Okta by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock worth $212,385,000 after acquiring an additional 135,110 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of 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 during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after purchasing an additional 1,828,630 shares during the last quarter. Institutional investors 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.