Okta (NASDAQ:OKTA) Given New $135.00 Price Target at Mizuho

Okta (NASDAQ:OKTA) had its target price lifted by Mizuho from $127.00 to $135.00 in a research note published on Thursday,Benzinga reports. Mizuho currently has an outperform rating on the stock.

Several other research analysts have also weighed in on the stock. Stifel Nicolaus increased their target price on shares of Okta from $115.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Jefferies Financial Group boosted their price objective on shares of Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. UBS Group set a $135.00 target price on shares of Okta in a report on Tuesday, March 4th. Citigroup lifted their target price on shares of Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Finally, DA Davidson upgraded shares of Okta from a “neutral” rating to a “buy” rating and increased their price target for the company from $90.00 to $125.00 in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $117.74.

Okta Trading Up 0.9%

NASDAQ:OKTA opened at $124.39 on Thursday. The stock has a fifty day moving average price of $107.74 and a two-hundred day moving average price of $93.48. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $21.59 billion, a price-to-earnings ratio of -355.40, a PEG ratio of 6.42 and a beta of 0.96. Okta has a 1 year low of $70.56 and a 1 year high of $125.48.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 11,552 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at $2,524,241.25. This represents a 34.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the company’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the transaction, the executive now directly owns 19,067 shares of the company’s stock, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,452 shares of company stock worth $16,347,360. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Large investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its stake in Okta by 2.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock valued at $605,000 after acquiring an additional 180 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Okta by 106.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 59,951 shares of the company’s stock valued at $4,724,000 after purchasing an additional 30,957 shares during the last quarter. Advisors Management Group Inc. ADV raised its position in shares of Okta by 4.4% in the fourth quarter. Advisors Management Group Inc. ADV now owns 12,272 shares of the company’s stock valued at $967,000 after purchasing an additional 514 shares during the period. Connective Portfolio Management LLC bought a new stake in shares of Okta during the 4th quarter worth about $473,000. Finally, Channel Wealth LLC acquired a new position in Okta in the 4th quarter valued at about $2,761,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.