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

Okta (NASDAQ:OKTA) had its price objective hoisted by equities researchers at KeyCorp from $125.00 to $135.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective would suggest a potential upside of 16.07% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group lifted their price target on Okta from $90.00 to $110.00 and gave the company a “hold” rating in a report on Tuesday. Robert W. Baird upped their price objective on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Susquehanna lifted their target price on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $92.00 to $97.00 in a report on Monday, December 2nd. Finally, UBS Group boosted their price objective on Okta from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and an average target price of $113.10.

Okta Stock Performance

NASDAQ:OKTA opened at $116.31 on Tuesday. The firm has a 50 day moving average of $89.88 and a 200-day 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. Okta has a 1 year low of $70.56 and a 1 year high of $116.75. The stock has a market capitalization of $19.93 billion, a P/E ratio of -332.31, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

Insider Buying and Selling at Okta

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

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently bought and sold shares of the company. Marshall Wace LLP lifted its position in Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock worth $282,414,000 after buying an additional 938,509 shares in the last quarter. Norges Bank acquired a new stake in shares of Okta in the fourth quarter valued at about $234,992,000. Geode Capital Management LLC increased its position in shares of Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after acquiring an additional 135,110 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Okta by 236.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after acquiring an additional 1,572,786 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after purchasing an additional 1,828,630 shares during the last quarter. 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.