Okta (NASDAQ:OKTA) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Okta (NASDAQ:OKTA - Free Report) from a neutral rating to an overweight rating in a research note released on Monday, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $100.00 price target on the stock.

OKTA has been the topic of several other reports. Susquehanna increased their price objective on shares of Okta from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, December 4th. The Goldman Sachs Group increased their price objective on shares of Okta from $97.00 to $107.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. Sanford C. Bernstein raised shares of Okta from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $123.00 to $129.00 in a report on Thursday, December 5th. Canaccord Genuity Group increased their price objective on shares of Okta from $82.00 to $94.00 and gave the company a "hold" rating in a report on Wednesday, December 4th. Finally, Barclays increased their price objective on shares of Okta from $81.00 to $96.00 and gave the company an "equal weight" rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, Okta presently has an average rating of "Hold" and a consensus target price of $104.27.

Okta Stock Up 3.4 %

OKTA stock traded up $2.77 during midday trading on Monday, hitting $84.76. 4,068,395 shares of the stock traded hands, compared to its average volume of 2,147,195. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock's fifty day simple moving average is $76.84 and its 200-day simple moving average is $83.43. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insider Buying and Selling at Okta

In other news, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm's stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares of the company's stock, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 604,425 shares of company stock worth $46,098,322 over the last three months. Insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Marshall Wace LLP raised its stake in shares of Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company's stock valued at $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Eminence Capital LP increased its holdings in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company's stock worth $186,225,000 after purchasing an additional 305,381 shares during the period. Primecap Management Co. CA raised its position in Okta by 0.8% in the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company's stock valued at $126,955,000 after purchasing an additional 10,800 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Okta by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company's stock valued at $79,503,000 after buying an additional 17,950 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Okta by 20.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company's stock worth $96,388,000 after buying an additional 178,011 shares in the last quarter. Hedge funds and other 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.