Okta (NASDAQ:OKTA) Price Target Raised to $98.00

Posted by on Mar 6th, 2023

Okta (NASDAQ:OKTA – Get Rating) had its price objective increased by Wells Fargo & Company from $76.00 to $98.00 in a research report sent to investors on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on the stock. JMP Securities lifted their price target on shares of Okta from $105.00 to $110.00 and gave the stock a market outperform rating in a research note on Thursday. Canaccord Genuity Group dropped their price target on shares of Okta from $85.00 to $70.00 and set a hold rating on the stock in a research note on Monday, November 14th. Truist Financial dropped their price target on shares of Okta from $70.00 to $60.00 in a research note on Thursday, November 10th. JPMorgan Chase & Co. assumed coverage on shares of Okta in a research note on Tuesday, January 24th. They set an overweight rating and a $90.00 price target on the stock. Finally, Sanford C. Bernstein raised their price objective on shares of Okta from $80.00 to $92.00 and gave the stock a market perform rating in a report on Thursday. Four investment 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 company. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $84.36.

Okta Trading Up 5.7 %

Okta stock opened at $85.55 on Thursday. Okta has a 12-month low of $44.12 and a 12-month high of $176.18. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 0.41. The firm’s fifty day moving average price is $71.89 and its 200 day moving average price is $65.00.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 3,771 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 transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Ledger Susan St. sold 2,504 shares of the business’s stock in a transaction that occurred on Friday, December 16th. The shares were sold at an average price of $67.41, for a total value of $168,794.64. Following the sale, the insider now directly owns 67,298 shares in the company, valued at approximately $4,536,558.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 3,771 shares of the business’s stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $67.41, for a total transaction of $254,203.11. Following the completion of the sale, the chief executive officer now owns 18,662 shares in the company, valued at $1,258,005.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,950 shares of company stock worth $805,573. 7.60% of the stock is owned by corporate insiders.

Institutional Trading of Okta

A number of hedge funds and other institutional investors have recently made changes to their positions in OKTA. Sands Capital Management LLC raised its holdings in shares of Okta by 158.0% in the 4th quarter. Sands Capital Management LLC now owns 6,313,967 shares of the company’s stock worth $431,433,000 after purchasing an additional 3,866,915 shares in the last quarter. Soma Equity Partners LP purchased a new position in shares of Okta in the fourth quarter worth approximately $111,036,000. Norges Bank purchased a new position in shares of Okta in the fourth quarter worth approximately $99,063,000. Two Sigma Investments LP increased its position in shares of Okta by 394.6% in the third quarter. Two Sigma Investments LP now owns 1,674,333 shares of the company’s stock worth $95,219,000 after acquiring an additional 1,335,799 shares in the last quarter. Finally, Eminence Capital LP purchased a new position in shares of Okta in the fourth quarter worth approximately $90,339,000. 73.02% of the stock is currently owned by 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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