Okta (NASDAQ:OKTA) Price Target Raised to $137.00

Okta (NASDAQ:OKTA) had its price target raised by The Goldman Sachs Group from $123.00 to $137.00 in a research report released on Wednesday, Marketbeat reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on OKTA. DA Davidson decreased their price objective on shares of Okta from $145.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday. KeyCorp boosted their price objective on shares of Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, March 4th. Royal Bank of Canada decreased their price objective on shares of Okta from $143.00 to $135.00 and set an “outperform” rating for the company in a report on Wednesday. Stifel Nicolaus boosted their price objective on shares of Okta from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Oppenheimer boosted their target price on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $121.59.

Okta Price Performance

Shares of NASDAQ OKTA opened at $102.80 on Wednesday. Okta has a twelve month low of $70.56 and a twelve month high of $127.57. The firm has a market cap of $17.85 billion, a P/E ratio of -293.71, a PEG ratio of 6.42 and a beta of 0.96. The company has a 50 day moving average of $109.26 and a 200 day moving average of $96.84. 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 announced its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The company had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. During the same period in the previous year, the business earned $0.65 EPS. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, research analysts expect that Okta will post 0.42 EPS for the current fiscal year.

Insider Activity

In related news, insider Larissa Schwartz sold 11,552 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. This represents a 34.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the transaction, the insider now directly owns 9,828 shares of the company’s stock, valued at $1,117,935. This represents a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock valued at $16,347,360 in the last 90 days. Company insiders own 5.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of OKTA. Blue Trust Inc. boosted its holdings in Okta by 103.8% in the 4th quarter. Blue Trust Inc. now owns 758 shares of the company’s stock worth $56,000 after buying an additional 386 shares during the period. Pacer Advisors Inc. boosted its holdings in Okta by 162.8% in the 4th quarter. Pacer Advisors Inc. now owns 29,103 shares of the company’s stock worth $2,293,000 after buying an additional 18,029 shares during the period. Smith Group Asset Management LLC boosted its holdings in Okta by 57.7% in the 4th quarter. Smith Group Asset Management LLC now owns 221,401 shares of the company’s stock worth $17,446,000 after buying an additional 80,969 shares during the period. Forsta AP Fonden boosted its holdings in 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 buying an additional 21,300 shares during the period. Finally, Swedbank AB boosted its holdings in Okta by 6.4% in the 4th quarter. Swedbank AB now owns 85,124 shares of the company’s stock worth $6,708,000 after buying an additional 5,113 shares during the period. 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.