Okta (NASDAQ:OKTA) Upgraded at Stephens

Stephens upgraded shares of Okta (NASDAQ:OKTA) to a strong-buy rating in a research report report published on Monday,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. Canaccord Genuity Group boosted their price objective on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Royal Bank of Canada increased their price objective on shares of Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Sanford C. Bernstein lowered their price target on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research note on Tuesday, December 17th. The Goldman Sachs Group raised their price objective on Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, Susquehanna boosted their price objective on shares of Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $116.09.

Okta Price Performance

Okta stock opened at $105.38 on Monday. Okta has a 52 week low of $70.56 and a 52 week high of $118.07. The firm has a market cap of $18.29 billion, a P/E ratio of -301.09, a P/E/G ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The business’s fifty day moving average is $101.33 and its two-hundred day moving average is $86.45.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total transaction of $33,965,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brett Tighe sold 5,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares in the company, valued at approximately $10,015,437. The trade was a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 761,197 shares of company stock valued at $70,662,533 in the last ninety days. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

A number of hedge funds have recently added to or reduced their stakes in the business. Kera Capital Partners Inc. lifted its position in shares of Okta by 10.5% in the 1st quarter. Kera Capital Partners Inc. now owns 2,928 shares of the company’s stock worth $308,000 after purchasing an additional 278 shares during the period. Wellington Management Group LLP boosted its position in Okta by 68.8% during the 4th quarter. Wellington Management Group LLP now owns 34,042 shares of the company’s stock valued at $2,683,000 after acquiring an additional 13,869 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Okta by 52.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock valued at $956,000 after acquiring an additional 4,171 shares during the period. Fluent Financial LLC bought a new position in shares of Okta in the 4th quarter worth $1,287,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Okta during the 4th quarter worth $8,680,000. 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.