Okta (NASDAQ:OKTA) Coverage Initiated by Analysts at Morgan Stanley

Equities researchers at Morgan Stanley started coverage on shares of Okta (NASDAQ:OKTA) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm set an “overweight” rating and a $125.00 price target on the stock. Morgan Stanley’s price target indicates a potential upside of 9.57% from the stock’s current price.

Several other research firms have also recently weighed in on OKTA. Mizuho raised Okta from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $110.00 to $127.00 in a research report on Tuesday, March 4th. Canaccord Genuity Group lifted their price objective on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. BMO Capital Markets lifted their price objective on Okta from $105.00 to $130.00 and gave the company a “market perform” rating in a research report on Monday, March 10th. The Goldman Sachs Group lifted their price objective on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 price objective on shares of Okta in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $115.29.

Okta Stock Up 1.0 %

NASDAQ OKTA opened at $114.08 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 capitalization of $19.80 billion, a PE ratio of -325.94, a PEG ratio of 6.42 and a beta of 1.09. Okta has a 1 year low of $70.56 and a 1 year high of $116.96. The business’s 50-day moving average is $96.35 and its 200 day moving average is $83.87.

Insider Buying and Selling at Okta

In other news, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the sale, the insider now directly owns 24,462 shares of the company’s stock, 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. In the last ninety days, insiders sold 985,377 shares of company stock worth $88,742,772. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds have recently modified their holdings of the business. Paloma Partners Management Co bought a new stake in shares of Okta during the 3rd quarter valued at $969,000. SBI Securities Co. Ltd. bought a new position in Okta in the 4th quarter worth $1,686,000. Stifel Financial Corp boosted its holdings in Okta by 56.1% in the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after buying an additional 13,387 shares during the period. Nordea Investment Management AB boosted its holdings in Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after buying an additional 382,190 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Okta by 105.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after buying an additional 184,107 shares during the period. 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.