Okta (NASDAQ:OKTA) Now Covered by Analysts at Morgan Stanley

Morgan Stanley initiated coverage on shares of Okta (NASDAQ:OKTA) in a note issued to investors on Tuesday. The brokerage set an “overweight” rating on the stock.

OKTA has been the topic of a number of other research reports. Guggenheim restated a “buy” rating and set a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. The Goldman Sachs Group boosted their price target on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Citigroup raised their target price on shares of Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Stifel Nicolaus upped their price target on shares of Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Finally, Oppenheimer upped their target price on Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $114.39.

Okta Stock Performance

Okta stock traded down $1.86 during midday trading on Tuesday, reaching $113.79. 188,412 shares of the company’s stock were exchanged, compared to its average volume of 2,338,052. 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’s 50-day simple moving average is $95.21 and its 200 day simple moving average is $83.42. The firm has a market cap of $19.50 billion, a price-to-earnings ratio of -323.11, a P/E/G ratio of 6.42 and a beta of 1.09. Okta has a 52 week low of $70.56 and a 52 week high of $116.96.

Insider Buying and Selling at Okta

In related news, Director Jacques Frederic Kerrest sold 130,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total value of $13,650,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the completion of the sale, the insider now owns 22,125 shares of the company’s stock, valued at $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 979,482 shares of company stock valued at $88,072,216 in the last 90 days. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Bank of Jackson Hole Trust purchased a new position in Okta during the fourth quarter valued at $25,000. Itau Unibanco Holding S.A. bought a new position in shares of Okta in the 3rd quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new stake in Okta during the third quarter worth approximately $32,000. TD Private Client Wealth LLC raised 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 valued at $37,000 after purchasing an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Okta in the 4th quarter worth approximately $40,000. Institutional investors own 86.64% of the company’s stock.

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.