Wells Fargo & Company Boosts Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its price target hoisted by research analysts at Wells Fargo & Company from $95.00 to $100.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 14.02% from the company’s current price.

A number of other research firms have also recently weighed in on OKTA. Westpark Capital reaffirmed a “buy” rating and set a $140.00 price objective on shares of Okta in a research report on Friday, February 28th. Citigroup boosted their target price on Okta from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Needham & Company LLC reiterated a “buy” rating and set a $115.00 target price on shares of Okta in a research report on Tuesday. Piper Sandler boosted their price target on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $101.00 target price on shares of Okta in a research report 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 company’s stock. According to data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and an average target price of $113.10.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $116.31 on Tuesday. 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 firm has a market cap of $19.93 billion, a price-to-earnings ratio of -332.31, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The business has a 50-day simple moving average of $89.88 and a two-hundred day simple moving average of $82.47. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $116.75.

Insider Buying and Selling

In other Okta news, Director Jacques Frederic Kerrest sold 3,306 shares of Okta stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total transaction of $293,738.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction on 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 $10,015,437. The trade was a 4.25 % decrease in their ownership of the stock. 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. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Institutional investors have recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new position in Okta in the third quarter worth approximately $25,000. Bank of Jackson Hole Trust acquired a new position in Okta during the fourth quarter valued at approximately $25,000. Legacy Investment Solutions LLC acquired a new position in Okta in the 3rd quarter valued at $32,000. TD Private Client Wealth LLC increased its stake in shares of Okta by 3,507.7% in 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. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.