Okta (NASDAQ:OKTA) Shares Gap Up After Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA)’s stock price gapped up before the market opened on Tuesday after Robert W. Baird raised their price target on the stock from $115.00 to $130.00. The stock had previously closed at $87.16, but opened at $100.06. Robert W. Baird currently has an outperform rating on the stock. Okta shares last traded at $101.99, with a volume of 4,986,952 shares traded.

Other 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. Wells Fargo & Company raised their price objective on shares of Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Tuesday. JPMorgan Chase & Co. upped their target price on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday. Canaccord Genuity Group upped their price objective on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Guggenheim restated a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $111.27.

Insider Buying and Selling at Okta

In other news, Director Jacques Frederic Kerrest sold 390,000 shares of Okta stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction that occurred 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. In the last three months, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently modified their holdings of OKTA. Fluent Financial LLC purchased a new position in Okta during the fourth quarter valued at approximately $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Okta during the 4th quarter worth approximately $8,680,000. Forum Financial Management LP bought a new position in shares of Okta during the 4th quarter valued at approximately $333,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Okta in the fourth quarter valued at $40,000. Finally, PharVision Advisers LLC purchased a new position in shares of Okta in the fourth quarter valued at $299,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Price Performance

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 moving average is $89.37 and its two-hundred day moving average is $82.38. The company has a market cap of $17.83 billion, a P/E ratio of -297.08, a PEG ratio of 6.42 and a beta of 1.09.

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.