Canaccord Genuity Group Increases Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its price objective upped by analysts at Canaccord Genuity Group from $94.00 to $100.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 14.73% from the company’s current price.

Several other research analysts have also commented on the company. Robert W. Baird lifted their price target on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Guggenheim reaffirmed a “buy” rating and issued a $130.00 target price on shares of Okta in a report on Wednesday, December 4th. Canaccord Genuity Group increased their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group lifted their price objective on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Barclays upped their target price on shares of Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $108.60.

Okta Price Performance

Shares of OKTA opened at $87.16 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The stock has a market cap of $14.94 billion, a PE ratio of -249.03, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03. The firm has a fifty day moving average price of $89.37 and a 200 day moving average price of $82.38.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the firm’s 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 directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were 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 sold a total of 849,482 shares of company stock valued at $74,422,216 over the last 90 days. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Marshall Wace LLP grew its position in Okta by 35.5% during the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after acquiring an additional 938,509 shares during the period. Norges Bank purchased a new stake in shares of Okta during the 4th quarter worth about $234,992,000. Geode Capital Management LLC grew its holdings in shares of Okta by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock worth $212,385,000 after purchasing an additional 135,110 shares during the period. Point72 Asset Management L.P. increased its position in Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after purchasing an additional 1,572,786 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after buying an additional 1,828,630 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.