Okta (NASDAQ:OKTA) Upgraded at DA Davidson

Okta (NASDAQ:OKTA) was upgraded by equities researchers at DA Davidson from a “neutral” rating to a “buy” rating in a report released on Tuesday, Marketbeat.com reports. The firm currently has a $125.00 price target on the stock, up from their previous price target of $90.00. DA Davidson’s price objective would suggest a potential upside of 43.41% from the company’s previous close.

Several other research firms also recently weighed in on OKTA. Susquehanna boosted their price target on shares of Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. BTIG Research boosted their price objective on Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Citigroup raised their target price on shares of Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Stifel Nicolaus upped their price target on shares of Okta from $108.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $101.00 price target on shares of Okta in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.60.

Okta Stock Performance

NASDAQ:OKTA opened at $87.16 on Tuesday. The company has a market capitalization of $14.94 billion, a price-to-earnings ratio of -249.03, a PEG ratio of 6.42 and a beta of 1.03. The business has a 50 day moving average of $89.37 and a 200 day moving average of $82.38. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insider Transactions at Okta

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares in the company, valued at $1,969,191. This trade represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 849,482 shares of company stock worth $74,422,216 in the last quarter. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. bought a new stake in Okta during the 3rd quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in Okta during the 4th quarter valued at approximately $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Okta during the third quarter valued at approximately $32,000. TD Private Client Wealth LLC lifted its holdings in shares of Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of Okta during the fourth quarter worth $40,000. 86.64% of the stock is currently owned by institutional investors.

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.