Analysts Set Okta, Inc. (NASDAQ:OKTA) Price Target at $115.29

Shares of Okta, Inc. (NASDAQ:OKTA - Get Free Report) have been assigned an average rating of "Moderate Buy" from the thirty-four brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, thirteen have assigned a hold recommendation, nineteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $116.09.

OKTA has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of Okta from $105.00 to $130.00 and gave the company a "market perform" rating in a report on Monday, March 10th. Citigroup boosted their price objective on shares of Okta from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Canaccord Genuity Group lifted their target price on shares of Okta from $94.00 to $100.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. Needham & Company LLC restated a "buy" rating and issued a $115.00 price target on shares of Okta in a research note on Tuesday, March 4th. Finally, Stephens began coverage on Okta in a research report on Tuesday. They set an "equal weight" rating and a $127.00 price objective for the company.

Okta Stock Up 0.7 %

Shares of NASDAQ OKTA traded up $0.69 during mid-day trading on Friday, hitting $105.38. 1,662,873 shares of the stock traded hands, compared to its average volume of 2,440,257. The company has a market cap of $18.29 billion, a price-to-earnings ratio of -301.09, a PEG ratio of 6.42 and a beta of 1.09. The stock has a fifty day moving average price of $101.33 and a 200-day moving average price of $86.45. Okta has a 52 week low of $70.56 and a 52 week high of $118.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

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Insider Buying and Selling

In related news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares in the company, valued at approximately $2,524,241.25. This trade represents a 34.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the sale, the insider now owns 9,828 shares of the company's stock, valued at $1,117,935. This represents a 37.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 761,197 shares of company stock valued at $70,662,533. 7.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its holdings in Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock worth $282,414,000 after buying an additional 938,509 shares during the last quarter. Norges Bank purchased a new position in shares of Okta during the fourth quarter worth about $234,992,000. Geode Capital Management LLC raised its stake in shares of Okta by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock worth $212,385,000 after purchasing an additional 135,110 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Okta by 236.8% in the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock valued at $176,271,000 after buying an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock worth $150,845,000 after acquiring an additional 1,828,630 shares during the period. 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.