Robert W. Baird Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA - Get Free Report) had its price objective raised by analysts at Robert W. Baird from $105.00 to $115.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's target price suggests a potential upside of 34.63% from the company's current price.

Other analysts have also issued research reports about the stock. Bank of America lowered shares of Okta from a "buy" rating to an "underperform" rating and decreased their target price for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft cut Okta from a "buy" rating to a "hold" rating and cut their target price for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. Stifel Nicolaus raised their price target on Okta from $108.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. UBS Group reduced their target price on shares of Okta from $120.00 to $108.00 and set a "buy" rating on the stock in a research report on Thursday, August 29th. Finally, Sanford C. Bernstein raised Okta from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $123.00 to $129.00 in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Okta currently has an average rating of "Hold" and an average target price of $104.43.

Okta Stock Up 0.8 %

Okta stock traded up $0.66 during mid-day trading on Tuesday, reaching $85.42. The stock had a trading volume of 4,701,396 shares, compared to its average volume of 2,157,817. The firm has a market capitalization of $14.64 billion, a PE ratio of -244.06, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. 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 fifty-two week low of $70.56 and a fifty-two week high of $114.50. The stock's 50-day simple moving average is $77.34 and its 200-day simple moving average is $83.38.

Insider Activity

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 604,425 shares of company stock valued at $46,098,322. 7.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently bought and sold shares of OKTA. Itau Unibanco Holding S.A. acquired a new position in shares of Okta in the 3rd quarter valued at $25,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta during the 3rd quarter worth approximately $26,000. Blue Trust Inc. increased its position in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company's stock valued at $28,000 after buying an additional 191 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Okta during the third quarter worth about $32,000. Finally, First Command Advisory Services Inc. purchased a new position in Okta in the 2nd quarter valued at about $47,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.