JPMorgan Chase & Co. Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price target raised by investment analysts at JPMorgan Chase & Co. from $100.00 to $105.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 16.03% from the stock’s current price.

A number of other research analysts have also issued reports on OKTA. Mizuho boosted their price target on shares of Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Guggenheim reiterated a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Wednesday, December 4th. BMO Capital Markets raised their price target on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Jefferies Financial Group decreased their price target on Okta from $100.00 to $90.00 and set a “hold” rating on the stock in a research note on Thursday, December 19th. Finally, UBS Group increased their price objective on Okta from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Okta presently has a consensus rating of “Hold” and an average price target of $105.67.

Okta Stock Performance

NASDAQ:OKTA opened at $90.49 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $15.51 billion, a price-to-earnings ratio of -258.54, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03. The firm’s fifty day moving average price is $89.30 and its 200 day moving average price is $82.53. Okta has a 1-year low of $70.56 and a 1-year high of $114.50.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 390,000 shares of Okta stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares of the company’s stock, valued at $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 980,908 shares of company stock valued at $85,025,665 over the last 90 days. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its position in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Okta by 3,719.2% in the 3rd quarter. International Assets Investment Management LLC now owns 9,739 shares of the company’s stock valued at $724,000 after purchasing an additional 9,484 shares during the last quarter. J.W. Cole Advisors Inc. acquired a new position in shares of Okta in the 3rd quarter valued at $214,000. Financial Advocates Investment Management purchased a new stake in shares of Okta during the 3rd quarter valued at $228,000. Finally, Congress Asset Management Co. acquired a new stake in shares of Okta during the 3rd quarter worth $5,833,000. Hedge funds and other 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.