Okta (NASDAQ:OKTA) Coverage Initiated at Stephens

Research analysts at Stephens initiated coverage on shares of Okta (NASDAQ:OKTA) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $127.00 price target on the stock. Stephens’ price objective would suggest a potential upside of 20.52% from the company’s previous close.

Several other research firms also recently issued reports on OKTA. Morgan Stanley set a $125.00 target price on Okta in a research report on Tuesday, March 18th. Needham & Company LLC restated a “buy” rating and issued a $115.00 price objective on shares of Okta in a research note on Tuesday, March 4th. KeyCorp lifted their target price on Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, March 4th. JMP Securities reiterated a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group lifted their price objective on shares of Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Okta has an average rating of “Moderate Buy” and a consensus target price of $116.09.

Okta Stock Performance

OKTA opened at $105.38 on Tuesday. The company has a market cap of $18.29 billion, a P/E ratio of -301.09, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. 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’s 50-day moving average price is $101.33 and its 200-day moving average price is $86.45. Okta has a 52-week low of $70.56 and a 52-week high of $118.07.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $2,524,241.25. This trade represents a 34.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the sale, the insider now owns 9,828 shares of the company’s stock, valued at approximately $1,117,935. The trade was a 37.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 761,197 shares of company stock valued at $70,662,533 in the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its stake in Okta by 3.3% during the third quarter. The Manufacturers Life Insurance Company now owns 7,737 shares of the company’s stock worth $575,000 after buying an additional 250 shares during the period. Townsquare Capital LLC boosted its position in shares of Okta by 16.5% during the 3rd quarter. Townsquare Capital LLC now owns 6,321 shares of the company’s stock worth $470,000 after purchasing an additional 896 shares during the period. Rockefeller Capital Management L.P. increased its holdings in Okta by 2.5% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 58,105 shares of the company’s stock valued at $4,320,000 after purchasing an additional 1,441 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in Okta in the third quarter valued at approximately $482,000. Finally, Point72 Hong Kong Ltd acquired a new position in Okta during the third quarter worth $159,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Company Profile

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.