Guggenheim Reiterates Buy Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reiterated by equities research analysts at Guggenheim in a research report issued on Wednesday,Benzinga reports. They currently have a $130.00 price objective on the stock. Guggenheim’s price objective would indicate a potential upside of 59.10% from the stock’s previous close.

Other analysts also recently issued research reports about the company. UBS Group reduced their price objective on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Susquehanna increased their price objective on shares of Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday. Wells Fargo & Company lowered their target price on Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 17th. DA Davidson lowered their price objective on Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Finally, Bank of America lowered Okta from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $101.76.

Okta Stock Up 1.1 %

Shares of OKTA stock opened at $81.71 on Wednesday. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The stock has a market cap of $13.88 billion, a P/E ratio of -97.27, a P/E/G ratio of 19.79 and a beta of 1.00. The company has a 50 day simple moving average of $75.15 and a two-hundred day simple moving average of $84.27.

Insiders Place Their Bets

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock valued at $35,701,361 in the last quarter. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Itau Unibanco Holding S.A. bought a new stake in shares of Okta during the third quarter worth about $25,000. Future Financial Wealth Managment LLC acquired a new position in Okta in the third quarter valued at approximately $26,000. Blue Trust Inc. boosted its stake in Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Okta in the 3rd quarter valued at about $32,000. Finally, EverSource Wealth Advisors LLC grew its position in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the period. Institutional investors and hedge funds 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.