Okta (NASDAQ:OKTA) Now Covered by Analysts at Stephens

Stephens began coverage on shares of Okta (NASDAQ:OKTA) in a report issued on Tuesday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $127.00 price objective on the stock.

A number of other brokerages have also issued reports on OKTA. Citigroup increased their price objective on shares of Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Guggenheim reaffirmed a “buy” rating and set a $130.00 target price on shares of Okta in a research note on Wednesday, December 4th. Truist Financial boosted their price target on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Cantor Fitzgerald assumed coverage on shares of Okta in a report on Monday. They set an “overweight” rating and a $130.00 price objective for the company. Finally, Sanford C. Bernstein reduced their target price on Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $116.09.

Okta Stock Performance

NASDAQ:OKTA opened at $104.69 on Tuesday. The stock has a 50-day moving average price of $101.00 and a 200 day moving average price of $86.31. The stock has a market capitalization of $18.17 billion, a P/E ratio of -299.11, a P/E/G ratio of 6.42 and a beta of 1.09. Okta has a 12-month low of $70.56 and a 12-month high of $118.07. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Transactions at Okta

In other news, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the transaction, the chief financial officer now directly owns 112,533 shares in the company, valued at approximately $10,015,437. This represents a 4.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the firm’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 completion of the transaction, the insider now directly owns 23,311 shares in the company, valued at $2,088,199.38. This represents a 10.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 761,197 shares of company stock worth $70,662,533. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of OKTA. Paloma Partners Management Co bought a new stake in Okta during the 3rd quarter valued at $969,000. SBI Securities Co. Ltd. purchased a new position in shares of Okta during the fourth quarter valued at $1,686,000. Stifel Financial Corp raised its holdings in shares of Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock valued at $2,770,000 after acquiring an additional 13,387 shares in the last quarter. Nordea Investment Management AB lifted its stake in Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after acquiring an additional 382,190 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock worth $87,903,000 after acquiring an additional 46,064 shares during the period. Institutional investors own 86.64% of the company’s stock.

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.