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

Okta (NASDAQ:OKTA) had its price target lifted by equities research analysts at Stifel Nicolaus from $115.00 to $120.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 3.17% from the company’s current price.

A number of other equities analysts have also recently issued reports on OKTA. BTIG Research upped their target price on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Jefferies Financial Group boosted their price target on Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $115.00 price objective on shares of Okta in a report on Tuesday. Guggenheim reiterated a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Wednesday, December 4th. Finally, DA Davidson upgraded shares of Okta from a “neutral” rating to a “buy” rating and upped their price target for the company from $90.00 to $125.00 in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Stock Performance

NASDAQ OKTA opened at $116.31 on Tuesday. The firm’s fifty day moving average price is $89.88 and its two-hundred day moving average price is $82.47. The stock has a market cap of $19.93 billion, a PE ratio of -332.31, a PEG ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $116.75.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the sale, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 849,482 shares of company stock worth $74,422,216. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of large investors have recently modified their holdings of the company. Fluent Financial LLC bought a new position in shares of Okta in the fourth quarter valued at $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Okta in the 4th quarter worth about $8,680,000. Forum Financial Management LP acquired a new stake in shares of Okta in the 4th quarter worth about $333,000. University of Texas Texas AM Investment Management Co. bought a new position in Okta in the 4th quarter valued at about $40,000. Finally, PharVision Advisers LLC acquired a new position in Okta during the 4th quarter valued at about $299,000. 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.