Okta (NASDAQ:OKTA) Upgraded to “Overweight” at KeyCorp

Okta (NASDAQ:OKTA) was upgraded by stock analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage presently has a $115.00 price objective on the stock. KeyCorp’s price target would indicate a potential upside of 38.09% from the stock’s previous close.

A number of other brokerages have also recently weighed in on OKTA. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $97.00 in a research report on Monday, December 2nd. Jefferies Financial Group raised their target price on Okta from $85.00 to $100.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group increased their price objective on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Canaccord Genuity Group boosted their target price on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Finally, BMO Capital Markets upped their target price on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Hold” and a consensus price target of $104.45.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $83.28 on Thursday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $77.51 and a 200 day simple moving average of $83.36. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a market cap of $14.27 billion, a PE ratio of -237.94, a P/E/G ratio of 8.61 and a beta of 1.00.

Insider Activity at Okta

In other news, CEO Todd Mckinnon sold 32,516 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $76.22, for a total transaction of $2,478,369.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares in the company, valued at $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 403,913 shares of company stock valued at $31,017,815. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Paloma Partners Management Co bought a new stake in shares of Okta during the 3rd quarter worth $969,000. SG Americas Securities LLC boosted its holdings in Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after acquiring an additional 9,364 shares during the period. Truist Financial Corp grew its position in shares of Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Okta by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after purchasing an additional 8,239 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.