KeyCorp Upgrades Okta (NASDAQ:OKTA) to "Overweight"

KeyCorp upgraded shares of Okta (NASDAQ:OKTA - Free Report) from a sector weight rating to an overweight rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. KeyCorp currently has $115.00 price objective on the stock.

OKTA has been the topic of several other reports. Royal Bank of Canada reissued an "outperform" rating and issued a $101.00 price target on shares of Okta in a research note on Wednesday, December 4th. Susquehanna raised their target price on shares of Okta from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. Truist Financial restated a "hold" rating and issued a $92.00 price target (up from $80.00) on shares of Okta in a research report on Wednesday, December 4th. Scotiabank lifted their price objective on Okta from $92.00 to $96.00 and gave the stock a "sector perform" rating in a research report on Wednesday, December 4th. Finally, Westpark Capital restated a "buy" rating and issued a $140.00 target price on shares of Okta in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Okta has an average rating of "Hold" and a consensus target price of $104.45.

Okta Price Performance

NASDAQ OKTA traded up $0.28 during mid-day trading on Thursday, hitting $81.69. The stock had a trading volume of 3,263,023 shares, compared to its average volume of 2,169,798. The firm's 50 day moving average is $77.51 and its 200 day moving average is $83.36. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $14.00 billion, a price-to-earnings ratio of -233.40, a PEG ratio of 8.61 and a beta of 1.00. Okta has a twelve month low of $70.56 and a twelve month high of $114.50.

Insider Buying and Selling

In other news, CEO Todd Mckinnon sold 224,533 shares of the business's stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction on Monday, December 2nd. The shares were 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 directly owns 1,622 shares in the company, valued at $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 604,425 shares of company stock worth $46,098,322. Company insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Okta

Several large investors have recently bought and sold shares of the stock. Marshall Wace LLP lifted its holdings in shares of Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company's stock valued at $212,841,000 after purchasing an additional 1,227,890 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Okta in the third quarter valued at approximately $49,373,000. Eminence Capital LP lifted its stake in Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company's stock valued at $186,225,000 after buying an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Okta by 232.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company's stock valued at $29,479,000 after acquiring an additional 277,084 shares during the period. Finally, Truist Financial Corp grew its position in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company's stock worth $48,870,000 after acquiring an additional 200,770 shares during 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.