Okta (NASDAQ:OKTA) Price Target Raised to $125.00

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 report released on Wednesday, Marketbeat 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 stock's previous close.

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group boosted their price target on shares of Okta from $94.00 to $100.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. Scotiabank raised their target price on Okta from $94.00 to $109.00 and gave the company a "sector perform" rating in a report on Tuesday, March 4th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $135.00 target price (up from $110.00) on shares of Okta in a research report on Friday, May 23rd. BTIG Research reiterated a "buy" rating on shares of Okta in a research note on Thursday, May 22nd. Finally, Westpark Capital reissued a "buy" rating and issued a $140.00 price objective on shares of Okta in a research note on Wednesday. One investment 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $121.59.

Okta Price Performance

Shares of NASDAQ OKTA traded down $3.83 during midday trading on Wednesday, hitting $102.80. The stock had a trading volume of 7,711,011 shares, compared to its average volume of 2,942,376. The stock has a 50 day simple moving average of $109.26 and a 200-day simple moving average of $96.97. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $17.85 billion, a PE ratio of -293.71, a P/E/G 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.

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

Insider Activity

In other Okta news, Director Jacques Frederic Kerrest sold 130,000 shares of the firm's stock in a transaction dated 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 available through the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares of the company's stock, valued at approximately $2,524,241.25. The trade was a 34.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold 154,452 shares of company stock valued at $16,347,360 in the last three months. 5.68% of the stock is currently owned by company insiders.

Institutional Trading of Okta

Several large investors have recently modified their holdings of the business. Bank of Jackson Hole Trust purchased a new stake in Okta during the 4th quarter worth $25,000. Wolff Wiese Magana LLC boosted its stake in Okta by 167.4% during the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after buying an additional 154 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Okta in the 1st quarter worth approximately $27,000. Harbour Investments Inc. raised its position in shares of Okta by 152.4% during the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after purchasing an additional 157 shares during the period. Finally, Rossby Financial LCC acquired a new stake in Okta during the 1st quarter worth about $31,000. 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.