Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Okta (NASDAQ:OKTA) had its target price boosted by equities research analysts at Needham & Company LLC from $115.00 to $125.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential downside of 0.40% from the company’s previous close.

Other research analysts have also issued reports about the stock. Royal Bank of Canada boosted their price target on shares of Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Wells Fargo & Company lifted their price objective on Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. Truist Financial upped their target price on Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. BTIG Research reaffirmed a “buy” rating on shares of Okta in a report on Thursday, May 22nd. Finally, KeyCorp boosted their price objective on Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $120.46.

Okta Stock Up 1.4%

OKTA stock opened at $125.50 on Wednesday. The stock has a 50-day simple moving average of $109.90 and a two-hundred day simple moving average of $96.42. Okta has a twelve month low of $70.56 and a twelve month high of $127.57. The firm has a market capitalization of $21.79 billion, a PE ratio of -358.57, a PEG ratio of 6.42 and a beta of 0.96. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. The company had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. Okta’s revenue was up 11.5% compared to the same quarter last year. During the same period last year, the business earned $0.65 earnings per share. On average, equities analysts predict that Okta will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the sale, the executive now directly owns 19,067 shares in the company, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Robert Kelleher sold 5,895 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the transaction, the insider now owns 9,828 shares of the company’s stock, valued at approximately $1,117,935. This represents a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 154,452 shares of company stock valued at $16,347,360 in the last quarter. Company insiders own 5.68% of the company’s stock.

Institutional Trading of Okta

Several large investors have recently added to or reduced their stakes in OKTA. SBI Securities Co. Ltd. purchased a new stake in shares of Okta in the 4th quarter worth about $1,686,000. Charles Schwab Investment Management Inc. lifted its holdings in Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock worth $87,903,000 after buying an additional 46,064 shares during the period. Tower Research Capital LLC TRC boosted its position in Okta by 46.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company’s stock valued at $854,000 after acquiring an additional 3,429 shares in the last quarter. Westpac Banking Corp grew its holdings in shares of Okta by 2,574.9% during the 4th quarter. Westpac Banking Corp now owns 9,817 shares of the company’s stock worth $774,000 after acquiring an additional 9,450 shares during the period. Finally, Forsta AP Fonden raised its position in shares of Okta by 40.5% in the 4th quarter. Forsta AP Fonden now owns 73,900 shares of the company’s stock worth $5,823,000 after acquiring an additional 21,300 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

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.