Stifel Nicolaus Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA - Get Free Report) had its price objective increased by equities research analysts at Stifel Nicolaus from $120.00 to $130.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Stifel Nicolaus' price objective would suggest a potential upside of 19.07% from the company's previous close.

Several other equities analysts have also weighed in on OKTA. Scotiabank lifted their price target on Okta from $94.00 to $109.00 and gave the company a "sector perform" rating in a research note on Tuesday, March 4th. Truist Financial lifted their price target on shares of Okta from $92.00 to $100.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. BMO Capital Markets boosted their target price on shares of Okta from $130.00 to $135.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 14th. Loop Capital began coverage on Okta in a research report on Monday, May 5th. They set a "buy" rating and a $140.00 price target for the company. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Okta in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $121.66.

Okta Stock Performance

Okta stock traded down $16.32 during mid-day trading on Wednesday, reaching $109.18. 18,403,356 shares of the company traded hands, compared to its average volume of 2,898,401. The firm's fifty day moving average is $109.90 and its two-hundred day moving average is $96.42. The company has a market capitalization of $18.95 billion, a price-to-earnings ratio of -310.95, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Okta (NASDAQ:OKTA - Get Free Report) last announced 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 company had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The firm's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period last year, the firm earned $0.65 EPS. On average, equities research analysts expect that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Transactions at Okta

In other Okta news, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction on Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares of the company's stock, valued at $1,117,935. The trade was a 37.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, the executive now directly owns 19,067 shares in the company, valued at $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 154,452 shares of company stock valued at $16,347,360. Insiders own 5.68% of the company's stock.

Institutional Investors Weigh In On Okta

Several institutional investors and hedge funds have recently bought and sold shares of the business. GK Wealth Management LLC boosted its holdings in shares of Okta by 13.5% during the first quarter. GK Wealth Management LLC now owns 3,837 shares of the company's stock valued at $404,000 after acquiring an additional 457 shares during the period. Geneos Wealth Management Inc. lifted its stake in Okta by 27.2% during the first quarter. Geneos Wealth Management Inc. now owns 13,314 shares of the company's stock valued at $1,401,000 after purchasing an additional 2,848 shares during the last quarter. Focus Partners Wealth boosted its holdings in Okta by 3.5% during the first quarter. Focus Partners Wealth now owns 114,480 shares of the company's stock worth $12,046,000 after buying an additional 3,857 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of Okta in the first quarter valued at $374,000. Finally, SCS Capital Management LLC purchased a new stake in shares of Okta during the first quarter valued at $1,266,000. Institutional investors and hedge funds own 86.64% of the company's stock.

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.

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