Citigroup Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price hoisted by stock analysts at Citigroup from $100.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential downside of 5.43% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. KeyCorp lifted their price objective on Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday. Canaccord Genuity Group lifted their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their target price on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, February 28th. The Goldman Sachs Group lifted their target price on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Company lifted their target price on Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday. One 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 stock has a consensus rating of “Moderate Buy” and an average target price of $113.10.

Okta Trading Up 7.4 %

Shares of OKTA opened at $116.31 on Tuesday. The business has a 50-day moving average of $89.88 and a 200 day moving average of $82.47. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $116.75. The firm has a market cap of $19.93 billion, a P/E ratio of -332.31, a price-to-earnings-growth 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.

Insider Activity

In related news, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was 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 available at this link. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP raised its holdings in shares of Okta by 35.5% during the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after acquiring an additional 938,509 shares in the last quarter. Norges Bank bought a new position in Okta in the fourth quarter worth $234,992,000. Geode Capital Management LLC raised its holdings in Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock worth $212,385,000 after purchasing an additional 135,110 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after purchasing an additional 1,572,786 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after purchasing an additional 1,828,630 shares in the last quarter. 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.