Okta (NASDAQ:OKTA) Coverage Initiated by Analysts at Stephens

Investment analysts at Stephens began coverage on shares of Okta (NASDAQ:OKTA) in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage set an “equal weight” rating and a $127.00 price target on the stock. Stephens’ price objective points to a potential upside of 22.42% from the stock’s current price.

Several other brokerages have also recently commented on OKTA. Barclays boosted their price target on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Citigroup boosted their target price on Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Sanford C. Bernstein cut their price target on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a report on Tuesday, December 17th. Wells Fargo & Company boosted their price objective on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Finally, Jefferies Financial Group lifted their price objective on shares of Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and an average price target of $116.09.

Okta Trading Down 1.4 %

Okta stock opened at $103.74 on Tuesday. Okta has a 1 year low of $70.56 and a 1 year high of $118.07. The firm’s 50 day moving average price is $100.69 and its 200-day moving average price is $86.10. 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 cap of $18.01 billion, a P/E ratio of -299.07, a PEG ratio of 6.42 and a beta of 1.09.

Insider Activity

In related news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total value of $242,224.32. Following the sale, the insider now directly owns 23,311 shares in the company, valued at approximately $2,088,199.38. The trade was a 10.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total transaction of $293,738.10. The disclosure for this sale can be found here. Insiders sold a total of 761,197 shares of company stock valued at $70,662,533 in the last 90 days. Company insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of large investors have recently modified their holdings of OKTA. The Manufacturers Life Insurance Company increased its holdings in Okta by 3.3% in the third quarter. The Manufacturers Life Insurance Company now owns 7,737 shares of the company’s stock valued at $575,000 after buying an additional 250 shares during the last quarter. Townsquare Capital LLC raised 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 acquiring an additional 896 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in Okta by 2.5% during the third quarter. Rockefeller Capital Management L.P. now owns 58,105 shares of the company’s stock worth $4,320,000 after purchasing an additional 1,441 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Okta in the 3rd quarter valued at $482,000. Finally, Point72 Hong Kong Ltd acquired a new stake in Okta during the 3rd quarter worth $159,000. 86.64% of the stock is 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.