Okta (NASDAQ:OKTA) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of Okta (NASDAQ:OKTA) in a report released on Monday morning, MarketBeat reports. The firm issued an overweight rating and a $130.00 target price on the stock.

A number of other equities analysts have also issued reports on the stock. UBS Group set a $135.00 target price on shares of Okta in a research report on Tuesday, March 4th. JMP Securities reaffirmed a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Jefferies Financial Group lifted their target price on Okta from $90.00 to $110.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Scotiabank upped their price target on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research note on Tuesday, March 4th. Finally, Sanford C. Bernstein lowered their price objective on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $115.75.

Okta Price Performance

Shares of OKTA stock opened at $105.22 on Monday. The stock’s fifty day moving average is $100.69 and its 200-day moving average is $86.10. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 52 week low of $70.56 and a 52 week high of $118.07. The stock has a market capitalization of $18.27 billion, a PE ratio of -300.63, a PEG ratio of 6.42 and a beta of 1.09.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 3,306 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total value of $293,738.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total transaction of $242,224.32. Following the sale, the insider now directly owns 23,311 shares in the company, valued at $2,088,199.38. This trade represents a 10.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 761,197 shares of company stock worth $70,662,533. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Hedge funds have recently modified their holdings of the stock. Bank of Jackson Hole Trust acquired a new position in Okta during the fourth quarter valued at approximately $25,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta in the 3rd quarter valued at approximately $25,000. Legacy Investment Solutions LLC bought a new position in shares of Okta in the third quarter valued at $32,000. TD Private Client Wealth LLC increased its holdings in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Okta during the fourth quarter worth $40,000. 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.