Citigroup Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price target boosted by Citigroup from $95.00 to $100.00 in a research report report published on Friday, Marketbeat.com reports. They currently have a neutral rating on the stock.

OKTA has been the subject of several other research reports. JMP Securities reissued a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. BTIG Research upped their price target on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price target on the stock in a research report on Monday, December 16th. Stifel Nicolaus boosted their price objective on Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $130.00 target price on shares of Okta in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $104.61.

Okta Stock Up 1.9 %

Shares of OKTA opened at $87.29 on Friday. 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 $14.96 billion, a PE ratio of -249.40, a P/E/G ratio of 8.52 and a beta of 1.00. The company’s 50-day simple moving average is $81.05 and its 200-day simple moving average is $82.48. Okta has a 1 year low of $70.56 and a 1 year high of $114.50.

Insider Activity

In related news, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their ownership of the stock. The sale 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 Okta stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 369,949 shares of company stock valued at $30,201,213. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several hedge funds have recently modified their holdings of the business. Avior Wealth Management LLC raised its position in Okta by 4,844.2% in the fourth quarter. Avior Wealth Management LLC now owns 3,807 shares of the company’s stock worth $300,000 after acquiring an additional 3,730 shares in the last quarter. Octavia Wealth Advisors LLC acquired a new position in shares of Okta during the 4th quarter worth $318,000. Perpetual Ltd purchased a new position in shares of Okta in the 4th quarter valued at about $1,004,000. Legal Advantage Investments Inc. acquired a new stake in shares of Okta in the fourth quarter valued at about $390,000. Finally, Rezny Wealth Management Inc. boosted its holdings in Okta by 3.5% during the fourth quarter. Rezny Wealth Management Inc. now owns 19,148 shares of the company’s stock worth $1,509,000 after buying an additional 639 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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.