Royal Bank Of Canada Increases Okta (NASDAQ:OKTA) Price Target to $115.00

Key Points

• The Royal Bank of Canada raised its price target for Okta from $113.00 to $115.00, indicating a potential upside of 25.60% from the last closing price.
• Okta currently holds an average rating of "Moderate Buy" from 22 research analysts, with an average price target of $117.64.
• In the last quarter, Okta reported a revenue of $688.00 million, exceeding analyst expectations and showing a 11.5% year-over-year increase.

Okta (NASDAQ:OKTA - Get Free Report) had its target price increased by equities researchers at Royal Bank Of Canada from $113.00 to $115.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target would suggest a potential upside of 25.60% from the company's previous close.

OKTA has been the subject of several other reports. Cantor Fitzgerald set a $130.00 price objective on Okta and gave the company an "overweight" rating in a research note on Wednesday. UBS Group decreased their price target on Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Arete began coverage on Okta in a research report on Monday, July 7th. They issued a "sell" rating and a $83.00 price target for the company. BTIG Research reaffirmed a "buy" rating on shares of Okta in a research note on Thursday, May 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Okta from $100.00 to $110.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 28th. Twenty-two research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $117.64.

Okta Stock Performance

Okta stock opened at $91.56 on Wednesday. The company's 50-day moving average price is $95.32 and its 200-day moving average price is $102.39. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The company has a market cap of $16.03 billion, a PE ratio of 145.34, a price-to-earnings-growth ratio of 4.42 and a beta of 0.80. Okta has a twelve month low of $70.56 and a twelve month high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last released 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 return on equity of 2.79% and a net margin of 4.85%.The company had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. During the same quarter last year, the business posted $0.65 earnings per share. The firm's revenue was up 11.5% on a year-over-year basis. On average, equities research analysts forecast that Okta will post 0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,244 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $100.00, for a total value of $224,400.00. Following the transaction, the insider owned 23,640 shares of the company's stock, valued at $2,364,000. This represents a 8.67% 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 16,018 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the transaction, the insider owned 7,044 shares in the company, valued at $646,709.64. The trade was a 69.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,594 shares of company stock worth $8,382,790. 5.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Hedge funds have recently made changes to their positions in the company. TD Private Client Wealth LLC grew its holdings in Okta by 19.6% during the 1st quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock worth $59,000 after acquiring an additional 92 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Okta by 5.7% in the 1st quarter. Allworth Financial LP now owns 1,708 shares of the company's stock valued at $173,000 after purchasing an additional 92 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Okta by 12.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 824 shares of the company's stock worth $89,000 after purchasing an additional 92 shares during the period. GPS Wealth Strategies Group LLC lifted its position in shares of Okta by 7.2% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock worth $156,000 after purchasing an additional 100 shares during the period. Finally, First Horizon Advisors Inc. boosted its stake in shares of Okta by 18.9% during the first quarter. First Horizon Advisors Inc. now owns 678 shares of the company's stock valued at $71,000 after purchasing an additional 108 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.