Okta, Inc. (NASDAQ:OKTA) Receives $104.45 Consensus Target Price from Analysts

Okta, Inc. (NASDAQ:OKTA) has been assigned an average recommendation of “Hold” from the thirty-two ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, fifteen have assigned a hold recommendation and sixteen have given a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $104.61.

OKTA has been the subject of a number of analyst reports. Canaccord Genuity Group raised their price objective on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price objective on the stock in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and dropped their target price for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. Truist Financial restated a “hold” rating and set a $92.00 target price (up previously from $80.00) on shares of Okta in a research report on Wednesday, December 4th. Finally, Mizuho lowered their price target on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th.

Okta Stock Performance

NASDAQ:OKTA opened at $87.29 on Tuesday. The firm’s 50-day moving average is $81.05 and its 200-day moving average is $82.40. The company has a market cap of $14.96 billion, a price-to-earnings ratio of -249.40, a PEG ratio of 8.52 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 52-week low of $70.56 and a 52-week high of $114.50.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the sale, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 369,949 shares of company stock worth $30,201,213. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta during the third quarter worth about $25,000. Future Financial Wealth Managment LLC bought a new stake in Okta during the 3rd quarter worth approximately $26,000. Blue Trust Inc. raised its holdings in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after buying an additional 191 shares during the period. Legacy Investment Solutions LLC bought a new position in Okta in the third quarter valued at approximately $32,000. Finally, Modus Advisors LLC acquired a new position in shares of Okta in the fourth quarter valued at approximately $44,000. 86.64% of the stock is currently owned by institutional investors.

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.