Okta (NASDAQ:OKTA) Given New $110.00 Price Target at Citigroup

Okta (NASDAQ:OKTA - Free Report) had its price target hoisted by Citigroup from $100.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

OKTA has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft lowered Okta from a "buy" rating to a "hold" rating and reduced their price target for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. DA Davidson upgraded shares of Okta from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $90.00 to $125.00 in a research note on Tuesday. Guggenheim reissued a "buy" rating and issued a $130.00 price objective on shares of Okta in a research report on Wednesday, December 4th. UBS Group lifted their price objective on shares of Okta from $108.00 to $120.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Finally, Barclays increased their target price on Okta from $105.00 to $115.00 and gave the company an "equal weight" rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $113.10.

Okta Stock Up 7.4 %

Shares of Okta stock traded up $8.00 during trading hours on Tuesday, reaching $116.31. 10,432,372 shares of the company were exchanged, compared to its average volume of 3,113,409. The firm has a market cap of $19.93 billion, a PE ratio of -332.31, a PEG ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 1 year low of $70.56 and a 1 year high of $116.75. The stock's fifty day moving average is $89.88 and its 200 day moving average is $82.47.

Insider Transactions at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 2,740 shares of the firm's stock in a transaction on Tuesday, February 11th. The shares were 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 trade represents a 11.02 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,482 shares of company stock worth $74,422,216. Company insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC raised its position in shares of Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock valued at $352,000 after buying an additional 105 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Okta by 1.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company's stock worth $620,000 after acquiring an additional 136 shares during the period. Stephens Inc. AR grew its stake in Okta by 5.0% in the 4th quarter. Stephens Inc. AR now owns 3,296 shares of the company's stock worth $260,000 after acquiring an additional 157 shares during the period. Mercer Global Advisors Inc. ADV raised its holdings in Okta by 3.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company's stock valued at $445,000 after acquiring an additional 171 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Okta by 2.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company's stock worth $605,000 after purchasing an additional 180 shares during the period. 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.