Okta (NASDAQ:OKTA) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Okta (NASDAQ:OKTA) in a report released on Tuesday morning,Benzinga reports. The firm currently has a $115.00 price objective on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Canaccord Genuity Group lifted their price target 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. Barclays lifted their target price on shares of Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft downgraded shares of Okta from a “buy” rating to a “hold” rating and reduced their price target for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. KeyCorp upgraded Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Finally, Canaccord Genuity Group increased their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.55.

Okta Stock Performance

OKTA opened at $94.41 on Tuesday. The stock has a market cap of $16.18 billion, a P/E ratio of -269.74, a P/E/G ratio of 9.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a fifty day moving average price of $84.76 and a 200 day moving average price of $81.97. Okta has a 1 year low of $70.56 and a 1 year high of $114.50.

Insider Transactions at Okta

In other news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $94.76, for a total transaction of $473,800.00. Following the completion of the sale, the chief financial officer now directly owns 97,533 shares of the company’s stock, valued at approximately $9,242,227.08. The trade was a 4.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 913,168 shares of company stock valued at $78,420,769. 7.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Illinois Municipal Retirement Fund raised its position in shares of Okta by 80.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 26,065 shares of the company’s stock worth $2,054,000 after acquiring an additional 11,658 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Okta by 2.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 62,290 shares of the company’s stock valued at $4,908,000 after purchasing an additional 1,330 shares during the last quarter. Synergy Financial Group LTD raised its holdings in Okta by 9.7% during the fourth quarter. Synergy Financial Group LTD now owns 6,999 shares of the company’s stock worth $552,000 after purchasing an additional 616 shares in the last quarter. RPG Investment Advisory LLC lifted its position in shares of Okta by 1.6% during the 4th quarter. RPG Investment Advisory LLC now owns 84,463 shares of the company’s stock worth $6,656,000 after buying an additional 1,336 shares during the last quarter. Finally, New World Advisors LLC purchased a new stake in shares of Okta during the 4th quarter worth approximately $257,000. 86.64% of the stock is owned by institutional investors and hedge funds.

About Okta

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.