Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Citigroup Analyst Says

Okta (NASDAQ:OKTA) had its target price raised by Citigroup from $90.00 to $95.00 in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts also recently commented on OKTA. Royal Bank of Canada reduced their price target on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Truist Financial reaffirmed a “hold” rating and set a $92.00 target price (up previously from $80.00) on shares of Okta in a report on Wednesday. Guggenheim reiterated a “buy” rating and set a $130.00 price target on shares of Okta in a research report on Wednesday. Susquehanna increased their price target on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Westpark Capital reiterated a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $103.07.

Okta Trading Up 5.4 %

Shares of OKTA opened at $86.11 on Wednesday. The company has a market capitalization of $14.63 billion, a P/E ratio of -246.03, a P/E/G ratio of 19.79 and a beta of 1.00. Okta has a one year low of $70.56 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a 50-day moving average price of $75.15 and a 200 day moving average price of $84.27.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Insiders sold a total of 607,215 shares of company stock valued at $46,304,810 in the last three months. 7.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

Several hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP boosted its position in shares of Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the period. Eminence Capital LP boosted its position in shares of Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after buying an additional 305,381 shares during the period. Primecap Management Co. CA boosted its position in shares of Okta by 0.8% in the second quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after buying an additional 10,800 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Okta by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after buying an additional 17,950 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Okta by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock worth $96,388,000 after buying an additional 178,011 shares during the period. 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.