Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Truist Financial Analyst Says

Okta (NASDAQ:OKTA) had its price target hoisted by Truist Financial from $92.00 to $100.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price target points to a potential downside of 14.02% from the company’s current price.

Several other equities research analysts also recently commented on OKTA. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $92.00 to $97.00 in a report on Monday, December 2nd. Oppenheimer lifted their price target on shares of Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday. JMP Securities reissued a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Royal Bank of Canada raised their target price on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, BTIG Research boosted their target price on shares of Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Stock Up 7.4 %

Okta stock opened at $116.31 on Tuesday. Okta has a 12 month low of $70.56 and a 12 month high of $116.75. The stock has a fifty day simple moving average of $89.88 and a two-hundred day simple moving average of $82.47. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market cap of $19.93 billion, a price-to-earnings ratio of -332.31, a PEG ratio of 6.42 and a beta of 1.09.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the sale, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Frank Rimerman Advisors LLC grew its holdings in shares of Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock worth $352,000 after purchasing an additional 105 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Okta by 1.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company’s stock valued at $620,000 after buying an additional 136 shares during the period. Stephens Inc. AR boosted its position in Okta by 5.0% in the 4th quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock valued at $260,000 after buying an additional 157 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in Okta by 3.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company’s stock worth $445,000 after acquiring an additional 171 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Okta by 2.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock worth $605,000 after acquiring an additional 180 shares during the period. Hedge funds and other 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.