Wells Fargo & Company Raises Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its price objective hoisted by analysts at Wells Fargo & Company from $95.00 to $100.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential downside of 14.02% from the stock’s previous close.

A number of other research analysts also recently issued reports on OKTA. Sanford C. Bernstein cut their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research report on Tuesday, December 17th. Robert W. Baird increased their price objective on shares of Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. BTIG Research raised their price objective on shares of Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. UBS Group upped their target price on shares of Okta from $108.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, Truist Financial restated a “hold” rating and issued a $92.00 price target (up from $80.00) on shares of Okta in a research report 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 given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Okta Stock Up 7.4 %

Shares of NASDAQ:OKTA opened at $116.31 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market cap of $19.93 billion, a P/E ratio of -332.31, a P/E/G ratio of 6.42 and a beta of 1.09. Okta has a 12 month low of $70.56 and a 12 month high of $116.75. The company’s 50-day moving average price is $89.88 and its two-hundred day moving average price is $82.47.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 2,740 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total value of $267,396.60. Following the transaction, the insider now directly owns 22,125 shares in the company, valued at $2,159,178.75. The trade was a 11.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total transaction of $6,337,500.00. 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 90 days. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Hedge funds have recently modified their holdings of the business. Bank of Jackson Hole Trust purchased a new position in Okta during the 4th quarter worth $25,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta during the 3rd quarter worth approximately $25,000. Legacy Investment Solutions LLC purchased a new position in shares of Okta in the third quarter valued at $32,000. TD Private Client Wealth LLC raised 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 worth $37,000 after acquiring an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Okta during the 4th quarter worth approximately $40,000. 86.64% of the stock is currently owned by hedge funds and other 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.