Okta (NASDAQ:OKTA) Now Covered by Cantor Fitzgerald

Analysts at Cantor Fitzgerald began coverage on shares of Okta (NASDAQ:OKTA - Get Free Report) in a research report issued on Monday, MarketBeat.com reports. The firm set an "overweight" rating and a $130.00 price target on the stock. Cantor Fitzgerald's price target points to a potential upside of 41.96% from the company's current price.

Several other equities research analysts have also recently issued reports on OKTA. Robert W. Baird lifted their target price on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. DA Davidson upgraded Okta from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. Truist Financial upped their target price on Okta from $92.00 to $100.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. Sanford C. Bernstein reduced their price target on Okta from $129.00 to $124.00 and set an "outperform" rating on the stock in a report on Tuesday, December 17th. Finally, BMO Capital Markets upped their price objective 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. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $116.09.

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Okta Price Performance

NASDAQ:OKTA traded down $8.69 during trading hours on Monday, reaching $91.58. 3,812,063 shares of the company were exchanged, compared to its average volume of 2,455,636. The stock's 50-day moving average is $101.58 and its 200-day moving average is $86.54. Okta has a twelve month low of $70.56 and a twelve month high of $118.07. The firm has a market cap of $15.90 billion, a PE ratio of -262.13, a price-to-earnings-growth ratio of 6.42 and a beta of 1.06. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Activity at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 3,306 shares of the firm's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total value of $293,738.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brett Tighe sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the sale, the chief financial officer now owns 112,533 shares of the company's stock, valued at approximately $10,015,437. The trade was a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 761,197 shares of company stock valued at $70,662,533 over the last 90 days. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Paloma Partners Management Co acquired a new stake in Okta during the 3rd quarter worth $969,000. SBI Securities Co. Ltd. acquired a new stake in shares of Okta during the fourth quarter worth about $1,686,000. Stifel Financial Corp lifted its holdings in shares of Okta by 56.1% in the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company's stock valued at $2,770,000 after purchasing an additional 13,387 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company's stock valued at $33,146,000 after purchasing an additional 382,190 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Okta by 7.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company's stock worth $8,813,000 after buying an additional 8,239 shares during the last quarter. Institutional investors and hedge funds 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.