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

Okta (NASDAQ:OKTA) had its price objective raised by equities researchers at Barclays from $105.00 to $115.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential upside of 31.94% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. BTIG Research boosted their price objective on shares of Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. UBS Group boosted their price target on Okta from $108.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Truist Financial reaffirmed a “hold” rating and issued a $92.00 price objective (up from $80.00) on shares of Okta in a research note on Wednesday, December 4th. Robert W. Baird boosted their target price on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and lowered their target price for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $108.60.

Okta Trading Down 3.7 %

Shares of OKTA stock opened at $87.16 on Tuesday. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The business’s fifty day moving average price is $89.37 and its 200 day moving average price is $82.38. The firm has a market capitalization of $14.94 billion, a PE ratio of -249.03, a P/E/G ratio of 6.42 and a beta of 1.03.

Insider Activity at Okta

In other Okta news, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the transaction, the chief financial officer now owns 112,533 shares in the company, valued at $10,015,437. This represents a 4.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last three months, insiders sold 849,482 shares of company stock worth $74,422,216. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Large investors have recently modified their holdings of the business. Paloma Partners Management Co acquired a new position in shares of Okta in the third quarter worth about $969,000. Stifel Financial Corp increased its holdings in Okta by 56.1% during the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after purchasing an additional 13,387 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after purchasing an additional 382,190 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Okta by 105.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after buying an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Okta by 7.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after buying an additional 8,239 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Company Profile

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.