Okta (NASDAQ:OKTA) Given New $115.00 Price Target at Scotiabank

Okta (NASDAQ:OKTA - Get Free Report) had its price objective increased by Scotiabank from $109.00 to $115.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's target price indicates a potential upside of 5.33% from the stock's current price.

OKTA has been the topic of several other research reports. Jefferies Financial Group reiterated a "hold" rating and set a $135.00 price objective (up previously from $110.00) on shares of Okta in a research report on Friday, May 23rd. Morgan Stanley cut their target price on Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Citigroup boosted their target price on Okta from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Robert W. Baird raised their price target on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Finally, UBS Group decreased their target price on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $121.66.

Okta Trading Down 13.0%

NASDAQ:OKTA traded down $16.32 during trading hours on Wednesday, hitting $109.18. The company had a trading volume of 18,403,356 shares, compared to its average volume of 2,898,401. Okta has a 52 week low of $70.56 and a 52 week high of $127.57. The company has a market capitalization of $18.95 billion, a PE ratio of -310.95, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The stock has a 50-day moving average price of $109.90 and a 200 day moving average price of $96.42. 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 (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.09. The business had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The business's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.65 earnings per share. On average, equities research analysts predict that Okta will post 0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other Okta news, Director Jacques Frederic Kerrest sold 130,000 shares of the stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Larissa Schwartz sold 11,552 shares of the firm's stock in a transaction dated 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 approximately $2,524,241.25. This represents a 34.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 154,452 shares of company stock valued at $16,347,360 over the last 90 days. 5.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in OKTA. Norges Bank bought a new position in Okta in the fourth quarter worth about $234,992,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Okta by 325.6% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock worth $389,308,000 after acquiring an additional 2,830,582 shares during the last quarter. Alkeon Capital Management LLC purchased a new position in shares of Okta during the 1st quarter valued at about $199,918,000. 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 worth $150,845,000 after purchasing an additional 1,828,630 shares during the period. Finally, Ninety One UK Ltd purchased a new position in shares of Okta in the first quarter valued at about $189,915,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

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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