Oppenheimer Raises Okta (NASDAQ:OKTA) Price Target to $95.00

Posted by on Mar 6th, 2023

Okta (NASDAQ:OKTA – Get Rating) had its price objective hoisted by Oppenheimer from $85.00 to $95.00 in a research report released on Thursday, The Fly reports. Oppenheimer currently has an outperform rating on the stock.

A number of other research firms also recently issued reports on OKTA. KeyCorp increased their price objective on Okta from $80.00 to $85.00 and gave the stock an overweight rating in a report on Friday, February 24th. Macquarie initiated coverage on Okta in a research report on Wednesday, November 2nd. They set a neutral rating and a $60.00 price target for the company. Stifel Nicolaus raised Okta from a hold rating to a buy rating and increased their price target for the company from $60.00 to $90.00 in a research report on Monday, January 30th. Canaccord Genuity Group reduced their price target on Okta from $85.00 to $70.00 and set a hold rating for the company in a research report on Monday, November 14th. Finally, Sanford C. Bernstein increased their price target on Okta from $80.00 to $92.00 and gave the company a market perform rating in a research report on Thursday. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $84.36.

Okta Price Performance

NASDAQ:OKTA opened at $85.55 on Thursday. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 0.41. Okta has a 52-week low of $44.12 and a 52-week high of $176.18. The stock has a 50-day simple moving average of $71.89 and a 200 day simple moving average of $65.00.

Insider Activity

In other news, General Counsel Jonathan T. Runyan sold 3,022 shares of Okta stock in a transaction on Friday, December 16th. The stock was sold at an average price of $67.41, for a total value of $203,713.02. Following the transaction, the general counsel now owns 465 shares in the company, valued at approximately $31,345.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Brett Tighe sold 2,643 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 $178,164.63. Following the sale, the chief financial officer now owns 39,472 shares of the company’s stock, valued at approximately $2,660,807.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Jonathan T. Runyan sold 3,022 shares of the firm’s stock in a transaction on Friday, December 16th. The shares were sold at an average price of $67.41, for a total value of $203,713.02. Following the sale, the general counsel now directly owns 465 shares in the company, valued at approximately $31,345.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,950 shares of company stock worth $805,573. Insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Okta

Several hedge funds have recently modified their holdings of the company. Sands Capital Management LLC lifted its holdings in Okta by 158.0% during the 4th quarter. Sands Capital Management LLC now owns 6,313,967 shares of the company’s stock worth $431,433,000 after buying an additional 3,866,915 shares during the period. Soma Equity Partners LP acquired a new position in Okta during the 4th quarter worth about $111,036,000. Norges Bank acquired a new position in Okta during the 4th quarter worth about $99,063,000. Two Sigma Investments LP lifted its holdings in Okta by 394.6% during the 3rd quarter. Two Sigma Investments LP now owns 1,674,333 shares of the company’s stock worth $95,219,000 after buying an additional 1,335,799 shares during the period. Finally, Eminence Capital LP acquired a new position in Okta during the 4th quarter worth about $90,339,000. Institutional investors and hedge funds own 73.02% of the company’s stock.

Okta Company Profile

(Get Rating)

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.

See Also

The Fly logo

Analyst Recommendations for Okta (NASDAQ:OKTA)

Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.