Okta (NASDAQ:OKTA) Given “Outperform” Rating at Royal Bank of Canada

Okta (NASDAQ:OKTAGet Free Report)‘s stock had its “outperform” rating restated by analysts at Royal Bank of Canada in a report issued on Monday, Benzinga reports. They currently have a $125.00 target price on the stock. Royal Bank of Canada’s price target points to a potential upside of 42.79% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Piper Sandler lifted their target price on shares of Okta from $85.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Truist Financial restated a “hold” rating and set a $105.00 target price (up previously from $85.00) on shares of Okta in a research note on Thursday, February 29th. Susquehanna lowered their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Oppenheimer lifted their target price on shares of Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Finally, Bank of America raised shares of Okta from an “underperform” rating to a “buy” rating and increased their price objective for the company from $64.00 to $135.00 in a report on Thursday, February 29th. Nineteen equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Okta has a consensus rating of “Hold” and a consensus price target of $104.48.

Read Our Latest Research Report on Okta

Okta Stock Down 2.5 %

OKTA opened at $87.54 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.73 and a current ratio of 1.73. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. The firm’s fifty day moving average is $94.78 and its 200 day moving average is $91.99. The stock has a market cap of $14.73 billion, a price-to-earnings ratio of -52.42 and a beta of 1.03.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 18,878 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $87.19, for a total value of $1,645,972.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise grew its stake in Okta by 4.3% in the 1st quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock worth $307,000 after acquiring an additional 122 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Okta by 50.4% in the 1st quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock worth $41,000 after acquiring an additional 131 shares in the last quarter. Blue Zone Wealth Advisors LLC grew its stake in Okta by 2.7% in the 4th quarter. Blue Zone Wealth Advisors LLC now owns 5,142 shares of the company’s stock worth $466,000 after acquiring an additional 134 shares in the last quarter. Creative Financial Designs Inc. ADV grew its stake in Okta by 7.7% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 1,926 shares of the company’s stock worth $174,000 after acquiring an additional 138 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

About Okta

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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.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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