Okta (NASDAQ:OKTA) Price Target Raised to $120.00 at UBS Group

Okta (NASDAQ:OKTA) had its price objective lifted by UBS Group from $108.00 to $120.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. BMO Capital Markets upped their price objective on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. JMP Securities reaffirmed a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. DA Davidson lifted their price objective on shares of Okta from $75.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. 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. Finally, Robert W. Baird raised their target price on Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $106.13.

Okta Stock Performance

NASDAQ:OKTA opened at $92.75 on Thursday. The company has a market cap of $15.89 billion, a price-to-earnings ratio of -265.00, a PEG ratio of 6.42 and a beta of 1.03. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a fifty day moving average price of $88.64 and a 200-day moving average price of $82.53.

Insider Buying and Selling

In other news, Director Jacques Frederic Kerrest sold 65,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total value of $6,337,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the sale, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 980,908 shares of company stock valued at $85,025,665 over the last ninety days. 7.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently modified their holdings of OKTA. Forum Financial Management LP bought a new stake in shares of Okta in the 4th quarter valued at $333,000. University of Texas Texas AM Investment Management Co. bought a new position in Okta during the fourth quarter worth $40,000. PharVision Advisers LLC acquired a new stake in Okta in the fourth quarter worth $299,000. Woodline Partners LP bought a new stake in Okta in the fourth quarter valued at $2,199,000. Finally, Vident Advisory LLC increased its stake in Okta by 27.1% in the fourth quarter. Vident Advisory LLC now owns 111,463 shares of the company’s stock valued at $8,783,000 after purchasing an additional 23,752 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

About Okta

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.