Okta (NASDAQ:OKTA – Get Rating) had its price objective raised by Morgan Stanley from $65.00 to $70.00 in a research report sent to investors on Tuesday morning, The Fly reports. They currently have an equal weight rating on the stock.
Several other research analysts have also recently issued reports on the stock. DA Davidson increased their target price on shares of Okta from $45.00 to $60.00 in a report on Thursday, December 1st. Sumitomo Mitsui Financial Group assumed coverage on Okta in a research report on Wednesday, January 4th. They issued an outperform rating and a $90.00 target price for the company. Mizuho lowered their price objective on Okta from $110.00 to $90.00 and set a buy rating for the company in a research report on Thursday, November 10th. Guggenheim boosted their price objective on Okta to $70.00 in a research note on Friday, December 2nd. Finally, KeyCorp increased their price objective on Okta from $80.00 to $85.00 and gave the stock an overweight rating in a research report on Friday, February 24th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and an average price target of $83.11.
Okta Stock Performance
Shares of OKTA stock opened at $71.29 on Tuesday. The company has a 50 day moving average price of $71.19 and a 200-day moving average price of $65.54. Okta has a 52 week low of $44.12 and a 52 week high of $188.90. The firm has a market capitalization of $11.42 billion, a PE ratio of -12.33 and a beta of 1.03. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 0.41.
Insider Activity
In related news, General Counsel Jonathan T. Runyan sold 3,022 shares of the firm’s stock in a transaction on Friday, December 16th. The stock was sold at an average price of $67.41, for a total transaction of $203,713.02. Following the sale, the general counsel now owns 465 shares of the company’s stock, valued at approximately $31,345.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, General Counsel Jonathan T. Runyan sold 3,022 shares of the firm’s stock in a transaction on Friday, December 16th. The stock was sold at an average price of $67.41, for a total transaction of $203,713.02. Following the sale, the general counsel now owns 465 shares of the company’s stock, valued at approximately $31,345.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Mckinnon sold 3,771 shares of the firm’s stock in a transaction on Friday, December 16th. The stock was sold at an average price of $67.41, for a total value of $254,203.11. Following the sale, the chief executive officer now directly owns 18,662 shares in the company, valued at approximately $1,258,005.42. The disclosure for this sale can be found here. Insiders have sold a total of 11,950 shares of company stock valued at $805,573 in the last 90 days. 7.60% of the stock is owned by company insiders.
Hedge Funds Weigh In On Okta
A number of large investors have recently added to or reduced their stakes in OKTA. MetLife Investment Management LLC bought a new position in Okta during the 1st quarter worth about $1,232,000. APG Asset Management N.V. grew its holdings in shares of Okta by 37.3% in the 1st quarter. APG Asset Management N.V. now owns 7,000 shares of the company’s stock valued at $950,000 after acquiring an additional 1,900 shares in the last quarter. Raymond James Trust N.A. grew its holdings in shares of Okta by 33.7% in the 1st quarter. Raymond James Trust N.A. now owns 2,307 shares of the company’s stock valued at $349,000 after acquiring an additional 581 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Okta by 3.7% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,788 shares of the company’s stock worth $3,440,000 after purchasing an additional 808 shares during the period. Finally, Cibc World Market Inc. grew its holdings in Okta by 7.9% during the first quarter. Cibc World Market Inc. now owns 3,297 shares of the company’s stock worth $498,000 after purchasing an additional 240 shares during the period. Institutional investors own 73.02% of the company’s stock.
About Okta
Okta, Inc engages in the provision of an identity management platform for enterprises. It operates through the United States and International geographical segments. The firm’s products include single sign-on, multi-factor authentication, API access management, authentication, user management, and lifecycle management.
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