Wells Fargo & Company Raises Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its target price lifted by research analysts at Wells Fargo & Company from $95.00 to $100.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 14.73% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Scotiabank reduced their price target on shares of Okta from $96.00 to $94.00 and set a “sector perform” rating for the company in a research report on Tuesday, January 21st. The Goldman Sachs Group raised their target price on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and upped their price objective for the company from $90.00 to $125.00 in a research note on Tuesday. Stifel Nicolaus boosted their price objective on shares of Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Canaccord Genuity Group raised their price objective on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $108.77.

Okta Stock Performance

Shares of OKTA opened at $87.16 on Tuesday. 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 has a 52-week low of $70.56 and a 52-week high of $114.50. The stock has a 50 day moving average price of $89.37 and a 200 day moving average price of $82.38. The company has a market capitalization of $14.94 billion, a price-to-earnings ratio of -249.03, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of Okta 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of Okta stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The disclosure for this sale can be found here. Insiders sold 849,482 shares of company stock valued at $74,422,216 over the last 90 days. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

Several hedge funds have recently bought and sold shares of OKTA. International Assets Investment Management LLC grew its stake in 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 buying an additional 9,484 shares during the last quarter. Stephens Inc. AR grew its position in shares of Okta by 19.2% in the third quarter. Stephens Inc. AR now owns 3,139 shares of the company’s stock valued at $233,000 after purchasing an additional 505 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its position in shares of Okta by 12.4% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,704 shares of the company’s stock worth $127,000 after purchasing an additional 188 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in Okta by 37.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 7,031 shares of the company’s stock valued at $523,000 after purchasing an additional 1,916 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Okta by 232.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after buying an additional 277,084 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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.