Okta (NASDAQ:OKTA) Upgraded at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Okta (NASDAQ:OKTA) from a market perform rating to an outperform rating in a report published on Thursday, MarketBeat.com reports. They currently have $129.00 price target on the stock, up from their previous price target of $123.00.

Other equities analysts have also issued reports about the company. Piper Sandler lifted their price objective on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday. Royal Bank of Canada restated an “outperform” rating and issued a $101.00 price target on shares of Okta in a research report on Wednesday. BTIG Research lifted their target price on shares of Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays increased their price target on Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Susquehanna lifted their price objective on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $103.77.

Okta Stock Up 1.5 %

Shares of NASDAQ:OKTA opened at $84.79 on Thursday. The firm has a market cap of $14.40 billion, a P/E ratio of -242.26, a P/E/G ratio of 22.07 and a beta of 1.00. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The business has a fifty day simple moving average of $75.77 and a 200 day simple moving average of $84.04. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Buying and Selling at Okta

In other news, Director Jacques Frederic Kerrest sold 131,426 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares in the company, valued at $130,862.96. The trade was a 98.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 607,215 shares of company stock valued at $46,304,810 in the last quarter. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several hedge funds have recently added to or reduced their stakes in the company. Caprock Group LLC raised its position in Okta by 4.7% in the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after purchasing an additional 129 shares during the period. National Bank of Canada FI lifted its stake in shares of Okta by 11.0% in the 2nd quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock valued at $124,000 after acquiring an additional 130 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares during the period. CWM LLC grew its position in Okta by 5.3% during the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock worth $272,000 after acquiring an additional 147 shares during the last quarter. Finally, Bleakley Financial Group LLC grew its position in Okta by 4.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock worth $306,000 after acquiring an additional 182 shares during the last quarter. 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.