Royal Bank Of Canada Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its price target hoisted by investment analysts at Royal Bank Of Canada from $113.00 to $115.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 25.60% from the company’s current price.

Several other equities analysts also recently issued reports on the company. Arete Research raised Okta to a “strong sell” rating and set a $83.00 target price on the stock in a research report on Monday, July 7th. Citigroup reiterated a “market perform” rating on shares of Okta in a research note on Wednesday. The Goldman Sachs Group increased their price objective on Okta from $123.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Truist Financial raised Okta from a “hold” rating to a “buy” rating and lifted their target price for the stock from $100.00 to $125.00 in a report on Monday. Finally, BTIG Research reiterated a “buy” rating on shares of Okta in a research report on Thursday, May 22nd. Twenty-two analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $117.64.

Okta Trading Up 0.2%

NASDAQ:OKTA opened at $91.56 on Wednesday. Okta has a 52 week low of $70.56 and a 52 week high of $127.57. The firm has a 50 day moving average of $95.32 and a 200 day moving average of $102.39. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $16.03 billion, a price-to-earnings ratio of 145.34, a PEG ratio of 4.42 and a beta of 0.80.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.09. The business had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%.The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the company earned $0.65 earnings per share. As a group, sell-side analysts anticipate that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,244 shares of the firm’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $100.00, for a total transaction of $224,400.00. Following the sale, the insider owned 23,640 shares of the company’s stock, valued at $2,364,000. This trade represents a 8.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brett Tighe sold 10,000 shares of Okta stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $95.00, for a total transaction of $950,000.00. Following the transaction, the chief financial officer directly owned 132,288 shares of the company’s stock, valued at approximately $12,567,360. This trade represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,594 shares of company stock valued at $8,382,790 in the last 90 days. 5.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Vanguard Group Inc. raised its position in shares of Okta by 3.4% in the first quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company’s stock worth $1,872,167,000 after acquiring an additional 582,956 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Okta by 52.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock valued at $956,000 after acquiring an additional 4,171 shares during the period. Trek Financial LLC purchased a new position in shares of Okta in the 1st quarter valued at about $426,000. Merit Financial Group LLC purchased a new position in shares of Okta in the 1st quarter valued at about $823,000. Finally, Stephens Investment Management Group LLC raised its holdings in Okta by 10.4% in the 1st quarter. Stephens Investment Management Group LLC now owns 499,125 shares of the company’s stock worth $52,518,000 after purchasing an additional 46,818 shares during the period. Institutional investors and hedge funds 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.