Sanford C. Bernstein Lowers Okta (NASDAQ:OKTA) Price Target to $124.00

Okta (NASDAQ:OKTA - Get Free Report) had its price target decreased by analysts at Sanford C. Bernstein from $129.00 to $124.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Sanford C. Bernstein's price objective points to a potential upside of 45.17% from the company's previous close.

Other analysts have also recently issued reports about the company. Royal Bank of Canada restated an "outperform" rating and set a $101.00 price objective on shares of Okta in a research report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a "buy" rating to a "hold" rating and lowered their price target for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. Jefferies Financial Group raised their price objective on shares of Okta from $85.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, December 4th. Scotiabank upped their target price on shares of Okta from $92.00 to $96.00 and gave the company a "sector perform" rating in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus raised their price target on shares of Okta from $108.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $104.43.

Okta Stock Performance

OKTA traded up $0.66 on Tuesday, hitting $85.42. 4,181,258 shares of the stock traded hands, compared to its average volume of 2,155,682. The business has a fifty day moving average price of $77.10 and a two-hundred day moving average price of $83.40. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $14.64 billion, a PE ratio of -240.77, a P/E/G ratio of 8.61 and a beta of 1.00. Okta has a 52 week low of $70.56 and a 52 week high of $114.50.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,797 shares of the business's stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $217,131.11. Following the completion of the sale, the insider now directly owns 24,916 shares of the company's stock, valued at $1,934,229.08. The trade was a 10.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Todd Mckinnon sold 200,512 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. The trade was a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 604,425 shares of company stock valued at $46,098,322. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds have recently added to or reduced their stakes in the stock. 272 Capital LP acquired a new stake in shares of Okta in the 3rd quarter valued at approximately $1,241,000. Oddo BHF Asset Management Sas acquired a new stake in Okta in the third quarter worth $5,343,000. Tidal Investments LLC boosted its position in shares of Okta by 132.0% during the third quarter. Tidal Investments LLC now owns 25,103 shares of the company's stock worth $1,866,000 after purchasing an additional 14,283 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Okta in the 3rd quarter valued at $108,000. Finally, Sanctuary Advisors LLC increased its position in shares of Okta by 125.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company's stock valued at $861,000 after buying an additional 6,265 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.