JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA - Get Free Report) had its price target upped by research analysts at JPMorgan Chase & Co. from $120.00 to $140.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 12.56% from the company's previous close.

OKTA has been the subject of several other reports. Canaccord Genuity Group increased their price target on shares of Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. KeyCorp increased their price target on shares of Okta from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, March 4th. Truist Financial raised their price target on shares of Okta from $92.00 to $100.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. Oppenheimer upped their price objective on Okta from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Finally, Stephens began coverage on Okta in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $127.00 target price for the company. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.17.

Okta Stock Performance

OKTA stock traded up $0.47 during midday trading on Friday, reaching $124.38. 361,467 shares of the company's stock traded hands, compared to its average volume of 2,786,997. Okta has a 52 week low of $70.56 and a 52 week high of $127.57. The company has a 50-day moving average price of $109.24 and a two-hundred day moving average price of $95.28. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market capitalization of $21.59 billion, a PE ratio of -354.89, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96.

Insider Activity

In related news, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares of the company's stock, valued at $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total transaction of $13,650,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 154,452 shares of company stock valued at $16,347,360. Company insiders own 5.68% of the company's stock.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Okta by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company's stock worth $1,872,167,000 after purchasing an additional 582,956 shares during the period. Massachusetts Financial Services Co. MA grew its position in Okta by 325.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock valued at $389,308,000 after buying an additional 2,830,582 shares during the period. Marshall Wace LLP increased its holdings in Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock valued at $282,414,000 after buying an additional 938,509 shares in the last quarter. Norges Bank acquired a new position in shares of Okta in the fourth quarter worth about $234,992,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Okta by 76.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company's stock worth $289,234,000 after acquiring an additional 1,189,222 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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.

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