Royal Bank of Canada Raises Okta (NASDAQ:OKTA) Price Target to $100.00

Posted by on Mar 6th, 2023

Okta (NASDAQ:OKTA – Get Rating) had its target price lifted by Royal Bank of Canada from $95.00 to $100.00 in a research note released on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts also recently issued reports on the stock. 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 report on Monday, November 14th. Sumitomo Mitsui Financial Group began coverage on shares of Okta in a research report on Wednesday, January 4th. They issued an outperform rating and a $90.00 price target on the stock. The Goldman Sachs Group began coverage on shares of Okta in a research report on Tuesday, February 14th. They set a sell rating and a $70.00 target price on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Okta from $80.00 to $90.00 and gave the company a buy rating in a research report on Monday, January 23rd. Finally, Oppenheimer boosted their target price on shares of Okta from $85.00 to $95.00 and gave the company an outperform 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 issued a buy rating to the company. According to data from MarketBeat, Okta currently has an average rating of Hold and a consensus price target of $84.36.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $85.55 on Thursday. Okta has a 52-week low of $44.12 and a 52-week 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. The company’s 50 day moving average price is $71.89 and its 200-day moving average price is $65.00.

Insider Activity at Okta

In related news, General Counsel Jonathan T. Runyan sold 3,022 shares of the stock in a transaction dated Friday, December 16th. The shares were sold at an average price of $67.41, for a total transaction of $203,713.02. Following the completion of the transaction, the general counsel now owns 465 shares in the company, valued at $31,345.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Okta news, CEO Todd Mckinnon sold 3,771 shares of the company’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 of the company’s stock, valued at $1,258,005.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Jonathan T. Runyan sold 3,022 shares of the company’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 $203,713.02. Following the sale, the general counsel now directly owns 465 shares in the company, valued at $31,345.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,950 shares of company stock worth $805,573. 7.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Several institutional investors have recently added to or reduced their stakes in OKTA. Sands Capital Management LLC lifted its holdings in Okta by 158.0% during the fourth quarter. Sands Capital Management LLC now owns 6,313,967 shares of the company’s stock valued at $431,433,000 after purchasing an additional 3,866,915 shares during the last quarter. Soma Equity Partners LP purchased a new stake in Okta during the fourth quarter valued at about $111,036,000. Norges Bank purchased a new stake in Okta during the fourth quarter valued at about $99,063,000. Two Sigma Investments LP lifted its holdings in Okta by 394.6% during the third quarter. Two Sigma Investments LP now owns 1,674,333 shares of the company’s stock valued at $95,219,000 after purchasing an additional 1,335,799 shares during the last quarter. Finally, Eminence Capital LP purchased a new stake in shares of Okta in the fourth quarter worth about $90,339,000. 73.02% of the stock is owned by hedge funds and other institutional investors.

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.

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