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

Okta (NASDAQ:OKTA - Free Report) had its target price lifted by Mizuho from $100.00 to $110.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also recently weighed in on OKTA. Guggenheim reissued a "buy" rating and set a $130.00 price target on shares of Okta in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded shares of Okta from a "neutral" rating to an "overweight" rating and set a $100.00 price objective on the stock in a report on Monday, December 16th. BMO Capital Markets boosted their price objective on shares of Okta from $103.00 to $105.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. The Goldman Sachs Group boosted 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. Finally, JMP Securities restated a "market perform" rating on shares of Okta in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $105.45.

Okta Trading Down 4.0 %

Shares of OKTA stock traded down $3.97 on Wednesday, hitting $96.29. 2,954,818 shares of the stock traded hands, compared to its average volume of 2,366,723. The firm's 50-day moving average price is $87.42 and its two-hundred day moving average price is $82.33. 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 $16.50 billion, a PE ratio of -275.11, a PEG ratio of 6.58 and a beta of 1.03. Okta has a twelve month low of $70.56 and a twelve month high of $114.50.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction that occurred on 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 directly owns 22,125 shares of the company's stock, valued at approximately $2,159,178.75. This represents a 11.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the sale, the director now directly owns 1,622 shares of the company's stock, valued at $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 980,908 shares of company stock valued at $85,025,665 over the last three months. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several large investors have recently modified their holdings of OKTA. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta during the third quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Okta during the fourth quarter worth approximately $25,000. Blue Trust Inc. raised its stake in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company's stock worth $28,000 after purchasing an additional 191 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Okta during the third quarter worth approximately $32,000. Finally, TD Private Client Wealth LLC raised its stake in shares of 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 during 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.