BMO Capital Markets Raises Okta (NASDAQ:OKTA) Price Target to $94.00

Posted by on Mar 6th, 2023

Okta (NASDAQ:OKTA – Get Rating) had its price objective hoisted by BMO Capital Markets from $80.00 to $94.00 in a research note released on Thursday, The Fly reports. BMO Capital Markets currently has an outperform rating on the stock.

OKTA has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft raised their price objective on Okta from $80.00 to $90.00 and gave the stock a buy rating in a research note on Monday, January 23rd. Mizuho raised their price objective on Okta from $90.00 to $95.00 and gave the stock a buy rating in a research note on Thursday. DA Davidson raised their price objective on Okta from $45.00 to $60.00 in a research note on Thursday, December 1st. JMP Securities lifted their price target on Okta from $105.00 to $110.00 and gave the company a market outperform rating in a research note on Thursday. Finally, Citigroup decreased their price target on Okta from $98.00 to $65.00 in a research note on Sunday, November 13th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $84.36.

Okta Stock Performance

Okta stock opened at $85.55 on Thursday. The stock’s fifty day moving average price is $71.89 and its two-hundred day moving average price is $65.00. Okta has a one year low of $44.12 and a one year high of $176.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.30 and a current ratio of 2.30.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 3,771 shares of the business’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $67.41, for a total value of $254,203.11. Following the completion of the sale, the chief executive officer now directly owns 18,662 shares of the company’s stock, valued at approximately $1,258,005.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Todd Mckinnon sold 3,771 shares of the business’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $67.41, for a total value of $254,203.11. Following the completion of the sale, the chief executive officer now directly owns 18,662 shares of the company’s stock, valued at approximately $1,258,005.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brett Tighe sold 2,643 shares of the business’s stock in a transaction dated Friday, December 16th. The shares were sold at an average price of $67.41, for a total value of $178,164.63. Following the completion of the sale, the chief financial officer now directly owns 39,472 shares of the company’s stock, valued at $2,660,807.52. The disclosure for this sale can be found here. Insiders sold 11,950 shares of company stock valued at $805,573 in the last three months. Corporate insiders own 7.60% of the company’s stock.

Institutional Trading of Okta

Several institutional investors and hedge funds have recently modified their holdings of OKTA. MetLife Investment Management LLC purchased a new stake in shares of Okta in the first quarter worth approximately $1,232,000. APG Asset Management N.V. raised its stake in shares of Okta by 37.3% in the first quarter. APG Asset Management N.V. now owns 7,000 shares of the company’s stock worth $950,000 after purchasing an additional 1,900 shares during the last quarter. Raymond James Trust N.A. raised its stake in shares of Okta by 33.7% in the first quarter. Raymond James Trust N.A. now owns 2,307 shares of the company’s stock worth $349,000 after purchasing an additional 581 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Okta by 3.7% in 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 last quarter. Finally, Cibc World Market Inc. raised its stake in shares of Okta by 7.9% in 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 last quarter. 73.02% of the stock is owned by hedge funds and other institutional investors.

About Okta

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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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