Okta (NASDAQ:OKTA) Price Target Raised to $120.00

Okta (NASDAQ:OKTA) had its target price increased by equities researchers at Stifel Nicolaus from $115.00 to $120.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential upside of 16.72% from the company’s previous close.

OKTA has been the subject of several other research reports. Guggenheim reissued a “buy” rating and set a $130.00 price target on shares of Okta in a report on Wednesday, December 4th. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $92.00 to $97.00 in a research note on Monday, December 2nd. JMP Securities restated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $113.10.

Okta Stock Performance

Shares of NASDAQ OKTA traded up $15.65 during mid-day trading on Tuesday, hitting $102.81. The company had a trading volume of 10,615,003 shares, compared to its average volume of 2,749,359. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The stock has a market cap of $17.62 billion, a price-to-earnings ratio of -293.95, a PEG ratio of 6.42 and a beta of 1.09. 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’s 50 day simple moving average is $89.37 and its two-hundred day simple moving average is $82.38.

Insider Activity

In other news, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction on Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the sale, the insider now directly owns 24,462 shares of the company’s stock, valued at $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 849,482 shares of company stock worth $74,422,216 over the last 90 days. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Okta in the 4th quarter valued at approximately $234,992,000. Ameriprise Financial Inc. grew its position in Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after acquiring an additional 1,828,630 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in shares of Okta by 2,309.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after purchasing an additional 1,699,176 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after purchasing an additional 1,572,786 shares in the last quarter. Finally, Sachem Head Capital Management LP acquired a new stake in shares of Okta in the 4th quarter valued at $105,592,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.