Okta (NASDAQ:OKTA) Given New $100.00 Price Target at Truist Financial

Okta (NASDAQ:OKTA) had its price target lifted by analysts at Truist Financial from $92.00 to $100.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective indicates a potential downside of 14.02% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Guggenheim reiterated a “buy” rating and set a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. BMO Capital Markets increased their target price on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group boosted their price target on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $115.00 target price on shares of Okta in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised their price target on shares of Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Up 7.4 %

Shares of Okta stock opened at $116.31 on Tuesday. 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 cap of $19.93 billion, a price-to-earnings ratio of -332.31, a PEG ratio of 6.42 and a beta of 1.09. The firm’s 50-day moving average is $89.88 and its two-hundred day moving average is $82.47. Okta has a 1 year low of $70.56 and a 1 year high of $116.75.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brett Tighe sold 5,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the sale, the chief financial officer now directly owns 112,533 shares in the company, valued at $10,015,437. This trade represents a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 849,482 shares of company stock valued at $74,422,216. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP grew its position in shares of Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after acquiring an additional 938,509 shares during the period. Norges Bank acquired a new stake in Okta in the fourth quarter valued at approximately $234,992,000. Geode Capital Management LLC grew its holdings in Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after purchasing an additional 135,110 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after buying an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after buying an additional 1,828,630 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.