Okta (NASDAQ:OKTA) Given New $120.00 Price Target at Royal Bank of Canada

Okta (NASDAQ:OKTA) had its target price lifted by Royal Bank of Canada from $115.00 to $120.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms also recently weighed in on OKTA. Wells Fargo & Company upped their price target on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Piper Sandler upped their price target on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Scotiabank upped their price target on Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Canaccord Genuity Group upped their price target on Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Barclays increased their target price on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Down 4.4 %

Shares of NASDAQ:OKTA opened at $111.22 on Tuesday. Okta has a 52-week low of $70.56 and a 52-week high of $116.96. The firm has a market capitalization of $19.06 billion, a P/E ratio of -317.77, a P/E/G ratio of 6.42 and a beta of 1.09. The stock has a 50 day moving average price of $90.54 and a 200-day moving average price of $82.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was 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 can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 979,482 shares of company stock valued at $88,072,216 over the last ninety days. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new position in shares of Okta during the third quarter valued at about $25,000. Bank of Jackson Hole Trust purchased a new position in Okta in the fourth quarter worth about $25,000. Legacy Investment Solutions LLC purchased a new position in Okta in the third quarter worth about $32,000. TD Private Client Wealth LLC grew its position in Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after acquiring an additional 456 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Okta in the fourth quarter worth about $40,000. 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.