Okta (NASDAQ:OKTA) Price Target Raised to $110.00

Okta (NASDAQ:OKTA) had its price objective raised by Jefferies Financial Group from $90.00 to $110.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a hold rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft cut shares of Okta from a “buy” rating to a “hold” rating and reduced their price target for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. Canaccord Genuity Group raised their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 price target on shares of Okta in a research note on Tuesday. Wells Fargo & Company raised their price objective on Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Finally, Stifel Nicolaus boosted their price objective on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.10.

Okta Price Performance

Okta stock opened at $111.22 on Tuesday. The stock’s 50 day moving average price is $90.54 and its two-hundred day moving average price is $82.70. The stock has a market capitalization of $19.06 billion, a price-to-earnings ratio of -317.77, a PEG ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 52-week low of $70.56 and a 52-week high of $116.96.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total transaction of $293,738.10. The disclosure for this sale can be found here. Insiders have sold 979,482 shares of company stock worth $88,072,216 over the last quarter. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of large investors have recently bought and sold shares of OKTA. Bank of Jackson Hole Trust purchased a new stake in Okta in the fourth quarter worth $25,000. Itau Unibanco Holding S.A. bought a new position in shares of Okta in the third quarter worth about $25,000. Legacy Investment Solutions LLC purchased a new position in Okta in the 3rd quarter worth about $32,000. TD Private Client Wealth LLC lifted its holdings in Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after buying an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Okta during the 4th quarter valued at about $40,000. Hedge funds and other institutional investors 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.