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

Okta (NASDAQ:OKTA - Free Report) had its target price increased 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.

Other equities analysts have also issued research reports about the stock. Scotiabank lowered their price objective on shares of Okta from $96.00 to $94.00 and set a "sector perform" rating for the company in a research report on Tuesday, January 21st. Canaccord Genuity Group increased their target price on shares of Okta from $82.00 to $94.00 and gave the stock a "hold" rating in a report on Wednesday, December 4th. BMO Capital Markets boosted their price objective on shares of Okta from $103.00 to $105.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. raised shares of Okta from a "neutral" rating to an "overweight" rating and set a $100.00 price target for the company in a report on Monday, December 16th. Finally, Morgan Stanley raised shares of Okta from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $92.00 to $97.00 in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Okta currently has an average rating of "Hold" and a consensus target price of $105.45.

Okta Stock Performance

Shares of NASDAQ:OKTA traded down $3.97 during mid-day trading on Wednesday, reaching $96.29. 2,954,818 shares of the company traded hands, compared to its average volume of 2,366,723. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The firm has a market cap of $16.50 billion, a PE ratio of -275.11, a PEG ratio of 6.58 and a beta of 1.03. The company's 50 day moving average price is $87.42 and its 200-day moving average price is $82.17.

Insider Buying and Selling

In other news, CEO Todd Mckinnon sold 233,028 shares of the company's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares of the company's stock, valued at $10,015,437. This trade represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 980,908 shares of company stock worth $85,025,665. Company insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Okta

Hedge funds have recently bought and sold shares of the company. Paloma Partners Management Co acquired a new stake in shares of Okta during the third quarter worth about $969,000. Stifel Financial Corp boosted its stake 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 buying an additional 13,387 shares during the period. Nordea Investment Management AB grew its position in shares of Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company's stock worth $33,146,000 after buying an additional 382,190 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company's stock worth $26,627,000 after buying an additional 184,107 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Okta by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company's stock valued at $8,813,000 after acquiring an additional 8,239 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Company Profile

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.