Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Citigroup Analyst Says

Okta (NASDAQ:OKTA) had its price target hoisted by equities researchers at Citigroup from $90.00 to $95.00 in a research note issued to investors on Wednesday, Marketbeat reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 13.76% from the stock’s previous close.

Other analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft downgraded Okta from a “buy” rating to a “hold” rating and lowered their price target for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. BMO Capital Markets boosted their target price on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research report on Wednesday. Guggenheim restated a “buy” rating and issued a $130.00 target price on shares of Okta in a research note on Wednesday. Canaccord Genuity Group reduced their price objective on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a research note on Friday, October 18th. Finally, Susquehanna lifted their price objective on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Okta has an average rating of “Hold” and an average target price of $103.77.

Okta Price Performance

NASDAQ OKTA opened at $83.51 on Wednesday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The company’s 50 day moving average is $75.37 and its two-hundred day moving average is $84.29. The stock has a market cap of $14.19 billion, a price-to-earnings ratio of -238.60, a PEG ratio of 20.94 and a beta of 1.00.

Insider Activity

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the sale, the insider now owns 27,713 shares in the company, valued at $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 607,215 shares of company stock worth $46,304,810 in the last quarter. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. acquired a new position in Okta during the third quarter valued at approximately $25,000. Future Financial Wealth Managment LLC bought a new position in shares of Okta in the 3rd quarter valued at $26,000. Blue Trust Inc. raised its holdings in shares of Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after buying an additional 191 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Okta during the 3rd quarter worth $32,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after buying an additional 142 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

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.