Okta, Inc. (NASDAQ:OKTA) Receives $116.12 Average Price Target from Brokerages

Shares of Okta, Inc. (NASDAQ:OKTA - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the thirty-five brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $116.12.

OKTA has been the topic of a number of research reports. Jefferies Financial Group raised their price objective on shares of Okta from $90.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. Canaccord Genuity Group raised their price objective on shares of Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. Robert W. Baird raised their price objective on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Cantor Fitzgerald initiated coverage on shares of Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 price objective on the stock. Finally, BMO Capital Markets raised their price objective on shares of Okta from $105.00 to $130.00 and gave the stock a "market perform" rating in a report on Monday, March 10th.

Okta Stock Performance

Shares of OKTA traded up $7.75 on Thursday, reaching $112.54. The company's stock had a trading volume of 10,052,227 shares, compared to its average volume of 2,613,188. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $19.54 billion, a P/E ratio of -321.54, a PEG ratio of 6.42 and a beta of 1.07. The stock's 50 day simple moving average is $102.92 and its two-hundred day simple moving average is $89.93. Okta has a 12-month low of $70.56 and a 12-month high of $118.07.

Insiders Place Their Bets

In other Okta news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $94.76, for a total transaction of $473,800.00. Following the sale, the chief financial officer now owns 97,533 shares of the company's stock, valued at $9,242,227.08. The trade was a 4.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the business's stock in a transaction on Wednesday, March 19th. The stock was 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 directly owns 22,125 shares in the company, valued at $2,524,241.25. This represents a 34.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 227,192 shares of company stock worth $23,426,056 in the last quarter. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently modified their holdings of the stock. Marshall Wace LLP grew its holdings in shares of Okta by 35.5% during 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 stake in shares of Okta in the fourth quarter worth about $234,992,000. Geode Capital Management LLC lifted 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 worth $212,385,000 after buying an additional 135,110 shares during the last quarter. Point72 Asset Management L.P. lifted its position 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 purchasing 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 fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the period. 86.64% of the stock is currently 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.