Okta (NASDAQ:OKTA) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Okta (NASDAQ:OKTA) had its target price increased by analysts at BMO Capital Markets from $130.00 to $135.00 in a research report issued on Wednesday, Marketbeat.com reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ price objective would suggest a potential upside of 8.53% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Truist Financial raised their price target on Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Cantor Fitzgerald started coverage on Okta in a report on Monday, March 31st. They issued an “overweight” rating and a $130.00 price target for the company. BTIG Research reaffirmed a “buy” rating on shares of Okta in a report on Tuesday, March 4th. Susquehanna increased their price objective on Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group increased their price objective on Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $117.74.

Okta Price Performance

Okta stock opened at $124.39 on Wednesday. Okta has a one year low of $70.56 and a one year high of $125.48. The business has a fifty day moving average price of $107.74 and a 200-day moving average price of $93.48. 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 firm has a market capitalization of $21.59 billion, a P/E ratio of -355.40, a PEG ratio of 6.42 and a beta of 0.96.

Insider Buying and Selling

In other Okta news, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the sale, the insider now directly owns 9,828 shares of the company’s stock, valued at approximately $1,117,935. The trade was a 37.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the sale, the executive now directly owns 19,067 shares in the company, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 154,452 shares of company stock valued at $16,347,360 over the last ninety days. 7.00% of the stock is owned by insiders.

Institutional Trading of Okta

Several large investors have recently bought and sold shares of the company. Federation des caisses Desjardins du Quebec boosted its position in Okta by 558.5% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 31,172 shares of the company’s stock valued at $3,280,000 after acquiring an additional 26,438 shares in the last quarter. Perbak Capital Partners LLP bought a new stake in Okta during the 1st quarter valued at approximately $203,000. PDT Partners LLC purchased a new position in shares of Okta during the first quarter valued at approximately $2,168,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of Okta during the first quarter valued at approximately $515,000. Finally, Alamar Capital Management LLC lifted its holdings in shares of Okta by 31.1% during the first quarter. Alamar Capital Management LLC now owns 41,590 shares of the company’s stock valued at $4,376,000 after purchasing an additional 9,860 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

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.