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

Okta (NASDAQ:OKTA) had its price objective increased by BMO Capital Markets from $105.00 to $130.00 in a research note published on Monday morning, MarketBeat reports. BMO Capital Markets currently has a market perform rating on the stock.

OKTA has been the subject of several other research reports. Westpark Capital reiterated a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Friday, February 28th. BTIG Research boosted their target price on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Royal Bank of Canada boosted their target price on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Mizuho upgraded Okta from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $110.00 to $127.00 in a research note on Tuesday, March 4th. Finally, Barclays boosted their target price on Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, Okta has a consensus rating of “Moderate Buy” and an average price target of $114.39.

Okta Stock Performance

Shares of OKTA opened at $108.78 on Monday. The stock has a 50-day simple moving average of $93.39 and a 200-day simple moving average of $83.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $18.64 billion, a PE ratio of -310.80, a PEG ratio of 6.42 and a beta of 1.09. Okta has a 1 year low of $70.56 and a 1 year high of $116.96.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 233,028 shares of the company’s 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 document filed with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the transaction, the insider now directly owns 24,462 shares in the company, valued at $1,969,191. This represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 979,482 shares of company stock valued at $88,072,216 over the last quarter. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OKTA. Itau Unibanco Holding S.A. purchased a new stake in Okta during the third quarter worth $25,000. Bank of Jackson Hole Trust purchased a new stake in Okta during the fourth quarter worth $25,000. Legacy Investment Solutions LLC purchased a new stake in Okta during the third quarter worth $32,000. TD Private Client Wealth LLC boosted its position in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after purchasing an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Okta during the fourth quarter worth $40,000. Institutional investors and hedge funds 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.