Brokerages Set Okta, Inc. (NASDAQ:OKTA) Price Target at $115.29

Okta, Inc. (NASDAQ:OKTA) has earned an average rating of “Moderate Buy” from the thirty-four brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, thirteen have assigned a hold recommendation, nineteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $116.09.

A number of research analysts have recently commented on OKTA shares. Barclays raised their target price on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. The Goldman Sachs Group boosted their target price on shares of Okta from $107.00 to $123.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Robert W. Baird increased their price target on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Citigroup boosted their price objective on shares of Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Finally, Mizuho raised shares of Okta from a “neutral” rating to an “outperform” rating and raised their target price for the company from $110.00 to $127.00 in a research note on Tuesday, March 4th.

Insider Transactions at Okta

In other Okta news, CFO Brett Tighe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares of the company’s stock, valued at approximately $10,015,437. The trade was a 4.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total value of $242,224.32. Following the completion of the transaction, the insider now directly owns 23,311 shares in the company, valued at $2,088,199.38. This trade represents a 10.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 761,197 shares of company stock worth $70,662,533 in the last quarter. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in Okta in the 4th quarter worth $234,992,000. Ameriprise Financial Inc. lifted its position in shares of 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 acquiring an additional 1,828,630 shares in the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after acquiring an additional 1,699,176 shares during the period. Point72 Asset Management L.P. grew its position in shares of 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 purchasing an additional 1,572,786 shares in the last quarter. Finally, Sachem Head Capital Management LP bought a new stake in Okta during the 4th quarter valued at approximately $105,592,000. 86.64% of the stock is currently owned by institutional investors.

Okta Price Performance

OKTA stock opened at $100.27 on Friday. 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 $118.07. The firm has a 50-day moving average of $101.58 and a 200 day moving average of $86.54. The company has a market cap of $17.41 billion, a P/E ratio of -286.49, a PEG ratio of 6.42 and a beta of 1.06.

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.