Okta (NASDAQ:OKTA) Sets New 52-Week High After Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA) shares hit a new 52-week high during trading on Wednesday after Stifel Nicolaus raised their price target on the stock from $115.00 to $120.00. Stifel Nicolaus currently has a buy rating on the stock. Okta traded as high as $114.87 and last traded at $114.91, with a volume of 7160569 shares traded. The stock had previously closed at $108.31.

Other equities research analysts have also recently issued research reports about the stock. KeyCorp raised their target price on shares of Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Sanford C. Bernstein cut their price target on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research note on Tuesday, December 17th. Piper Sandler raised their price target on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Robert W. Baird upped their price objective on Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Okta has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Insider Activity

In other news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the transaction, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at $10,015,437. The trade was a 4.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction 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. Insiders sold a total of 849,482 shares of company stock valued at $74,422,216 in the last quarter. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Fluent Financial LLC purchased a new position in shares of Okta in the 4th quarter valued at about $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Okta in the fourth quarter valued at approximately $8,680,000. Forum Financial Management LP purchased a new stake in shares of Okta in the fourth quarter valued at approximately $333,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Okta during the 4th quarter worth approximately $40,000. Finally, PharVision Advisers LLC purchased a new position in shares of Okta during the 4th quarter valued at approximately $299,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Up 5.8 %

The stock has a market cap of $19.63 billion, a price-to-earnings ratio of -327.52, a PEG ratio of 6.42 and a beta of 1.09. The business’s 50 day moving average is $89.88 and its 200-day moving average is $82.47. 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 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.