Robert W. Baird Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price upped by equities research analysts at Robert W. Baird from $95.00 to $105.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target would suggest a potential upside of 28.50% from the stock’s current price.

A number of other research firms also recently commented on OKTA. Truist Financial decreased their target price on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, October 17th. Bank of America downgraded shares of Okta from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $135.00 to $75.00 in a report on Thursday, August 29th. DA Davidson reduced their target price on shares of Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Needham & Company LLC assumed coverage on shares of Okta in a report on Thursday, October 17th. They issued a “buy” rating and a $100.00 price target on the stock. Finally, The Goldman Sachs Group cut their price target on Okta from $113.00 to $97.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $100.00.

Okta Stock Performance

Shares of OKTA stock opened at $81.71 on Wednesday. The business has a fifty day moving average of $75.03 and a 200 day moving average of $84.42. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market capitalization of $13.88 billion, a price-to-earnings ratio of -97.27, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00.

Insider Transactions at Okta

In other news, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at $638,908.95. The trade was a 95.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock valued at $35,701,361 over the last ninety days. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. purchased a new position in shares of Okta during the 3rd quarter worth $25,000. Future Financial Wealth Managment LLC purchased a new position in Okta during the third quarter worth about $26,000. Blue Trust Inc. boosted its holdings in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Okta in the 3rd quarter valued at approximately $32,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.