Canaccord Genuity Group Increases Okta (NASDAQ:OKTA) Price Target to $115.00

Okta (NASDAQ:OKTA - Get Free Report) had its price objective hoisted by equities researchers at Canaccord Genuity Group from $100.00 to $115.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 11.87% from the company's current price.

A number of other research analysts also recently issued reports on the stock. Jefferies Financial Group reiterated a "hold" rating and set a $135.00 target price (up previously from $110.00) on shares of Okta in a research report on Friday, May 23rd. BMO Capital Markets increased their target price on shares of Okta from $130.00 to $135.00 and gave the company a "market perform" rating in a report on Wednesday, May 14th. Stephens restated an "equal weight" rating and set a $127.00 price objective on shares of Okta in a report on Tuesday. Oppenheimer raised their price objective on shares of Okta from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, KeyCorp increased their target price on shares of Okta from $125.00 to $135.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $121.59.

Okta Trading Down 3.6%

NASDAQ:OKTA traded down $3.83 during mid-day trading on Wednesday, hitting $102.80. 7,711,011 shares of the company's stock were exchanged, compared to its average volume of 2,946,802. The company has a 50 day simple moving average of $109.53 and a 200-day simple moving average of $96.67. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The firm has a market capitalization of $17.85 billion, a P/E ratio of -293.71, a PEG ratio of 6.42 and a beta of 0.96.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The firm had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The company's revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 EPS. As a group, research analysts expect that Okta will post 0.42 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 130,000 shares of Okta stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction on Friday, April 11th. The stock was 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 directly owns 19,067 shares in the company, valued at approximately $1,929,389.73. The trade was a 26.87% 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 three months. 5.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. GK Wealth Management LLC increased its position in Okta by 13.5% during the 1st quarter. GK Wealth Management LLC now owns 3,837 shares of the company's stock valued at $404,000 after purchasing an additional 457 shares during the period. Geneos Wealth Management Inc. increased its position in Okta by 27.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 13,314 shares of the company's stock valued at $1,401,000 after purchasing an additional 2,848 shares during the period. Focus Partners Wealth increased its position in Okta by 3.5% during the 1st quarter. Focus Partners Wealth now owns 114,480 shares of the company's stock valued at $12,046,000 after purchasing an additional 3,857 shares during the period. Bayforest Capital Ltd purchased a new position in Okta during the 1st quarter valued at $374,000. Finally, SCS Capital Management LLC purchased a new position in Okta during the 1st quarter valued at $1,266,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.