Loop Capital Initiates Coverage on Okta (NASDAQ:OKTA)

Research analysts at Loop Capital started coverage on shares of Okta (NASDAQ:OKTA - Get Free Report) in a research note issued to investors on Monday,Benzinga reports. The firm set a "buy" rating and a $140.00 price target on the stock. Loop Capital's target price suggests a potential upside of 24.00% from the stock's current price.

Several other research analysts have also recently issued reports on OKTA. DA Davidson upgraded Okta from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. Cantor Fitzgerald started coverage on shares of Okta in a research note on Monday, March 31st. They issued an "overweight" rating and a $130.00 price objective for the company. BTIG Research restated a "buy" rating on shares of Okta in a research report on Tuesday, March 4th. KeyCorp lifted their price target on shares of Okta from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Tuesday, March 4th. Finally, Canaccord Genuity Group upped their price target on Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $116.80.

Okta Stock Performance

Shares of OKTA stock opened at $112.90 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a 50 day simple moving average of $104.20 and a 200-day simple moving average of $90.77. The company has a market cap of $19.60 billion, a price-to-earnings ratio of -322.57, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. Okta has a 12-month low of $70.56 and a 12-month high of $118.07.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the sale, the insider now owns 22,125 shares of the company's stock, valued at $2,524,241.25. This represents a 34.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total transaction of $6,337,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 222,192 shares of company stock worth $22,952,256 in the last quarter. 7.00% of the stock is owned by insiders.

Institutional Trading of Okta

Large investors have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Okta by 912.0% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 234,005 shares of the company's stock worth $24,622,000 after purchasing an additional 210,881 shares in the last quarter. LMG Wealth Partners LLC lifted its position in Okta by 3.2% during the 1st quarter. LMG Wealth Partners LLC now owns 23,223 shares of the company's stock worth $2,444,000 after acquiring an additional 716 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Okta by 67.8% in the 1st quarter. Victory Capital Management Inc. now owns 35,494 shares of the company's stock worth $3,735,000 after acquiring an additional 14,340 shares during the period. Bridgewater Advisors Inc. purchased a new position in Okta in the 1st quarter worth approximately $224,000. Finally, Kornitzer Capital Management Inc. KS grew its position in Okta by 6.5% in the first quarter. Kornitzer Capital Management Inc. KS now owns 112,650 shares of the company's stock valued at $11,853,000 after acquiring an additional 6,900 shares in the last quarter. 86.64% of the stock is currently 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.

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