Okta (NASDAQ:OKTA) Price Target Raised to $137.00

Okta (NASDAQ:OKTA - Free Report) had its target price lifted by The Goldman Sachs Group from $123.00 to $137.00 in a report issued on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

OKTA has been the subject of a number of other reports. KeyCorp lifted their price objective on shares of Okta from $125.00 to $135.00 and gave the stock an "overweight" rating in a report on Tuesday, March 4th. Stifel Nicolaus upped their price objective on Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday. Loop Capital assumed coverage on Okta in a research report on Monday, May 5th. They issued a "buy" rating and a $140.00 target price for the company. Jefferies Financial Group reaffirmed a "hold" rating and issued a $135.00 target price (up previously from $110.00) on shares of Okta in a research note on Friday, May 23rd. Finally, UBS Group decreased their price target on shares of Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat.com, Okta has a consensus rating of "Moderate Buy" and an average target price of $121.59.

Okta Stock Performance

Shares of OKTA traded down $3.83 during trading hours on Wednesday, hitting $102.80. The company's stock had a trading volume of 7,711,011 shares, compared to its average volume of 2,942,376. Okta has a 52-week low of $70.56 and a 52-week high of $127.57. The business has a 50 day simple moving average of $109.26 and a two-hundred day simple moving average of $96.97. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market cap of $17.85 billion, a price-to-earnings ratio of -293.71, a PEG ratio of 6.42 and a beta of 0.96.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $688.00 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. On average, equities analysts expect that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 11,552 shares of the company's stock in a transaction 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 transaction, the insider now directly 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 SEC, which is available through the SEC website. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 154,452 shares of company stock worth $16,347,360. 5.68% of the stock is owned by corporate insiders.

Institutional Trading of Okta

Hedge funds have recently bought and sold shares of the company. Bank of Jackson Hole Trust purchased a new stake in shares of Okta in the 4th quarter worth $25,000. Wolff Wiese Magana LLC lifted its position 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 purchasing an additional 154 shares in the last quarter. Wayfinding Financial LLC bought a new stake in Okta during the first quarter valued at about $27,000. Harbour Investments Inc. increased its position in Okta by 152.4% in the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after buying an additional 157 shares in the last quarter. Finally, Rossby Financial LCC bought a new position in shares of Okta in the first quarter worth about $31,000. Hedge funds and other institutional investors 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.