Okta (NASDAQ:OKTA) Given New $125.00 Price Target at Needham & Company LLC

Okta (NASDAQ:OKTA - Get Free Report) had its target price increased by analysts at Needham & Company LLC from $115.00 to $125.00 in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price target points to a potential upside of 21.60% from the company's current price.

A number of other brokerages have also recently weighed in on OKTA. Canaccord Genuity Group lifted their price target on Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Mizuho lifted their price target on Okta from $127.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. DA Davidson lifted their price target on Okta from $125.00 to $145.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Stephens reissued an "equal weight" rating and issued a $127.00 price target on shares of Okta in a research note on Tuesday. Finally, Citigroup lifted their price target on Okta from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $121.59.

Okta Price Performance

NASDAQ:OKTA traded down $3.83 during mid-day trading on Wednesday, reaching $102.80. 7,711,011 shares of the stock were exchanged, compared to its average volume of 2,946,802. The business has a fifty day moving average price of $109.53 and a 200 day moving average price of $96.67. The firm has a market capitalization of $17.85 billion, a PE ratio of -293.71, a PEG ratio of 6.42 and a beta of 0.96. Okta has a 1-year low of $70.56 and a 1-year high of $127.57. 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 (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share 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 analysts' expectations of $680.14 million. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. Okta's revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. Research analysts expect that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Okta news, Director Jacques Frederic Kerrest sold 130,000 shares of Okta stock in a transaction that occurred on Tuesday, March 4th. The stock was 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 link. Also, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value 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. This represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 154,452 shares of company stock worth $16,347,360. 5.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. bought a new stake in Okta in the fourth quarter valued at $1,686,000. Charles Schwab Investment Management Inc. grew its position in Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock valued at $87,903,000 after acquiring an additional 46,064 shares during the period. Tower Research Capital LLC TRC grew its position in Okta by 46.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company's stock valued at $854,000 after acquiring an additional 3,429 shares during the period. Westpac Banking Corp grew its position in Okta by 2,574.9% in the fourth quarter. Westpac Banking Corp now owns 9,817 shares of the company's stock valued at $774,000 after acquiring an additional 9,450 shares during the period. Finally, Forsta AP Fonden grew its position in Okta by 40.5% in the fourth quarter. Forsta AP Fonden now owns 73,900 shares of the company's stock valued at $5,823,000 after acquiring an additional 21,300 shares during the period. 86.64% of the stock is owned by 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.