Okta’s (OKTA) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reiterated by investment analysts at Canaccord Genuity Group in a note issued to investors on Wednesday,Benzinga reports. They currently have a $120.00 price target on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 45.96% from the company’s current price.

OKTA has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Okta from $110.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday. Sanford C. Bernstein restated an “outperform” rating on shares of Okta in a research note on Monday. Stifel Nicolaus set a $121.00 target price on Okta in a report on Wednesday. The Goldman Sachs Group set a $117.00 price target on Okta in a report on Wednesday. Finally, Berenberg Bank began coverage on shares of Okta in a research report on Tuesday, November 18th. They issued a “buy” rating and a $145.00 price target on the stock. Twenty-three equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $109.76.

Okta Price Performance

Shares of NASDAQ OKTA traded up $0.34 during trading hours on Wednesday, hitting $82.21. 3,774,814 shares of the stock were exchanged, compared to its average volume of 3,366,638. Okta has a one year low of $75.05 and a one year high of $127.57. The company’s 50 day moving average is $87.06 and its 200 day moving average is $94.08. The firm has a market capitalization of $14.39 billion, a P/E ratio of 96.89, a P/E/G ratio of 3.96 and a beta of 0.77.

Insider Activity at Okta

In related news, insider Eric Robert Kelleher sold 8,522 shares of Okta stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $92.62, for a total transaction of $789,307.64. Following the completion of the transaction, the insider directly owned 9,174 shares of the company’s stock, valued at $849,695.88. This trade represents a 48.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 3,348 shares of the business’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $90.17, for a total transaction of $301,889.16. Following the completion of the transaction, the insider owned 39,155 shares in the company, valued at approximately $3,530,606.35. This trade represents a 7.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 64,975 shares of company stock valued at $6,011,126. Insiders own 5.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Okta by 12.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 824 shares of the company’s stock worth $89,000 after acquiring an additional 92 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in Okta by 5.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,238 shares of the company’s stock valued at $224,000 after purchasing an additional 113 shares during the last quarter. Norden Group LLC boosted its stake in Okta by 3.7% in the second quarter. Norden Group LLC now owns 3,260 shares of the company’s stock worth $326,000 after purchasing an additional 116 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Okta by 12.6% during the first quarter. Advisors Asset Management Inc. now owns 1,073 shares of the company’s stock worth $113,000 after purchasing an additional 120 shares during the last quarter. Finally, Simon Quick Advisors LLC increased its stake in shares of Okta by 2.5% in the second quarter. Simon Quick Advisors LLC now owns 5,110 shares of the company’s stock valued at $511,000 after buying an additional 126 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.