Barclays Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its price target lifted by investment analysts at Barclays from $105.00 to $115.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential downside of 1.13% from the stock’s current price.

OKTA has been the topic of several other research reports. KeyCorp raised their target price on shares of Okta from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. BMO Capital Markets lifted their price objective on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Truist Financial reissued a “hold” rating and set a $92.00 price objective (up previously from $80.00) on shares of Okta in a research note on Wednesday, December 4th. Scotiabank reduced their price objective on shares of Okta from $96.00 to $94.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 21st. Finally, Guggenheim reissued a “buy” rating and set a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Stock Up 7.4 %

Shares of NASDAQ OKTA opened at $116.31 on Tuesday. The firm has a market capitalization of $19.93 billion, a PE ratio of -332.31, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 1 year low of $70.56 and a 1 year high of $116.75. The firm’s 50-day moving average is $89.88 and its 200-day moving average is $82.47.

Insider Activity

In related news, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction 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 filing with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold 849,482 shares of company stock worth $74,422,216 over the last ninety days. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Bank of Jackson Hole Trust bought a new position in Okta during the fourth quarter worth $25,000. Itau Unibanco Holding S.A. bought a new position in Okta during the third quarter worth $25,000. Legacy Investment Solutions LLC bought a new position in Okta during the third quarter worth $32,000. TD Private Client Wealth LLC boosted its position 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 purchasing an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Okta during the fourth quarter worth $40,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.