Scotiabank Increases Okta (NASDAQ:OKTA) Price Target to $109.00

Okta (NASDAQ:OKTA) had its target price hoisted by Scotiabank from $94.00 to $109.00 in a report released on Tuesday,Benzinga reports. The firm currently has a sector perform rating on the stock.

Other equities analysts also recently issued research reports about the company. Westpark Capital reiterated a “buy” rating and set a $140.00 price target on shares of Okta in a report on Friday, February 28th. Canaccord Genuity Group increased their price target on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday. Barclays increased their price target on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday. Robert W. Baird increased their price objective on Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. increased their price objective on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $113.10.

Okta Trading Down 4.4 %

Shares of OKTA stock opened at $111.22 on Tuesday. Okta has a 12 month low of $70.56 and a 12 month high of $116.96. 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 business’s 50 day moving average is $90.54 and its two-hundred day moving average is $82.70. The company has a market cap of $19.06 billion, a PE ratio of -317.77, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 979,482 shares of company stock valued at $88,072,216. 7.00% of the stock is currently owned by company insiders.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 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 position in shares of Okta during the 4th quarter worth about $25,000. Legacy Investment Solutions LLC acquired a new position in shares of Okta during the 3rd quarter worth about $32,000. TD Private Client Wealth LLC grew its position in shares of Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Okta during the 4th quarter worth about $40,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.