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

Okta (NASDAQ:OKTA) had its price target raised by stock analysts at Susquehanna from $95.00 to $105.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Susquehanna’s target price would indicate a potential downside of 9.72% from the stock’s previous close.

Several other research firms have also recently weighed in on OKTA. Wells Fargo & Company raised their price objective on shares of Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday. BTIG Research raised their price target on shares of Okta from $98.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Mizuho upgraded shares of Okta from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $110.00 to $127.00 in a research report on Tuesday. Barclays increased their price objective on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, JMP Securities reissued a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Price Performance

Shares of OKTA stock opened at $116.31 on Tuesday. The stock’s fifty day moving average is $89.88 and its 200-day moving average is $82.47. 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 52 week low of $70.56 and a 52 week high of $116.75. The stock has a market capitalization of $19.93 billion, a PE ratio of -332.31, a PEG ratio of 6.42 and a beta of 1.09.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares in the company, valued at $10,015,437. The trade was a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 849,482 shares of company stock valued at $74,422,216 over the last quarter. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new position in shares of Okta during the 3rd quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Okta in the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new stake in Okta during the third quarter worth about $32,000. TD Private Client Wealth LLC boosted its position in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after purchasing an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Okta in the fourth quarter valued at approximately $40,000. 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.