Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

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

Several other research firms also recently issued reports on OKTA. Guggenheim restated a "buy" rating and set a $140.00 price objective (up previously from $130.00) on shares of Okta in a report on Tuesday, May 20th. Susquehanna boosted their price objective on Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. The Goldman Sachs Group boosted their price objective on Okta from $107.00 to $123.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Royal Bank of Canada boosted their price objective on Okta from $115.00 to $120.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, Mizuho boosted their price objective on Okta from $127.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $121.59.

Okta Price Performance

Okta stock traded down $3.83 during midday trading on Wednesday, hitting $102.80. The company's stock had a trading volume of 7,711,011 shares, compared to its average volume of 2,946,802. 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 stock's 50-day moving average price is $109.53 and its 200-day moving average price is $96.67. Okta has a 12 month low of $70.56 and a 12 month high of $127.57. The company has a market capitalization of $17.85 billion, a PE ratio of -293.71, a price-to-earnings-growth 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 EPS for the quarter, topping the consensus estimate of $0.77 by $0.09. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The firm had revenue of $688.00 million for the quarter, compared to analysts' expectations of $680.14 million. During the same period in the previous year, the business earned $0.65 earnings per share. Okta's revenue for the quarter was up 11.5% compared to the same quarter last year. Analysts anticipate that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the insider now owns 22,125 shares of the company's stock, valued at $2,524,241.25. This represents a 34.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the sale, the insider now directly owns 9,828 shares of the company's stock, valued at $1,117,935. The trade was a 37.49% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 154,452 shares of company stock worth $16,347,360. Insiders own 5.68% of the company's stock.

Institutional Investors Weigh In On Okta

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