Wells Fargo & Company Raises Okta (NASDAQ:OKTA) Price Target to $110.00

Okta (NASDAQ:OKTA - Free Report) had its price target boosted by Wells Fargo & Company from $100.00 to $110.00 in a research report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other analysts also recently issued research reports about the company. BMO Capital Markets lifted their price target on Okta from $130.00 to $135.00 and gave the company a "market perform" rating in a research report on Wednesday, May 14th. JMP Securities reaffirmed a "market perform" rating on shares of Okta in a research note on Wednesday. Mizuho boosted their price target on shares of Okta from $127.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. Cantor Fitzgerald assumed coverage on shares of Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 price target on the stock. Finally, DA Davidson lifted their price objective on shares of Okta from $125.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, Okta has an average rating of "Moderate Buy" and an average price target of $121.59.

Okta Price Performance

Okta stock traded down $3.83 during midday trading on Wednesday, reaching $102.80. 7,711,011 shares of the stock were exchanged, compared to its average volume of 2,942,376. Okta has a 52 week low of $70.56 and a 52 week high of $127.57. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market cap of $17.85 billion, a PE ratio of -293.71, a PEG ratio of 6.42 and a beta of 0.96. The company's fifty day moving average is $109.26 and its 200-day moving average is $96.97.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate 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 negative net margin of 1.54% and a positive return on equity of 0.47%. The business's quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.65 earnings per share. On average, sell-side analysts forecast that Okta will post 0.42 EPS for the current year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, the executive now owns 19,067 shares of the company's stock, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the business's stock in a transaction dated Wednesday, March 19th. The shares were 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 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 sold 154,452 shares of company stock valued at $16,347,360 in the last 90 days. Insiders own 5.68% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Okta by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company's stock worth $1,872,167,000 after purchasing an additional 582,956 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Okta by 325.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock valued at $389,308,000 after purchasing an additional 2,830,582 shares in the last quarter. Marshall Wace LLP grew its position 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 worth $282,414,000 after purchasing an additional 938,509 shares in the last quarter. Norges Bank bought a new position in shares of Okta during the fourth quarter worth $234,992,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Okta by 76.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company's stock worth $289,234,000 after acquiring an additional 1,189,222 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

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.