Robert W. Baird Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its price target increased by analysts at Robert W. Baird from $115.00 to $130.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 25.85% from the company’s previous close.

A number of other equities research analysts have also recently commented on OKTA. Sanford C. Bernstein decreased their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research report on Tuesday, December 17th. Mizuho raised Okta from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $110.00 to $127.00 in a research report on Tuesday. Truist Financial reiterated a “hold” rating and issued a $92.00 price target (up from $80.00) on shares of Okta in a research note on Wednesday, December 4th. Barclays boosted their price target on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Wells Fargo & Company upped their price target on shares of Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Okta has an average rating of “Moderate Buy” and an average target price of $111.27.

Okta Stock Up 18.5 %

NASDAQ OKTA traded up $16.14 during midday trading on Tuesday, hitting $103.30. 5,698,191 shares of the company traded hands, compared to its average volume of 2,625,920. The company has a market cap of $17.70 billion, a PE ratio of -294.59, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The company’s 50-day simple moving average is $89.37 and its 200-day simple moving average is $82.38.

Insider Activity at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 849,482 shares of company stock worth $74,422,216. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Marshall Wace LLP grew its stake in shares of Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock worth $282,414,000 after purchasing an additional 938,509 shares during the period. Norges Bank acquired a new stake in Okta in the fourth quarter valued at $234,992,000. Geode Capital Management LLC increased its position in shares of Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after buying an additional 135,110 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after buying an additional 1,572,786 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after buying an additional 1,828,630 shares in the last quarter. Hedge funds and other institutional investors 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.