Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Barclays Analyst Says

Okta (NASDAQ:OKTA) had its price target boosted by equities researchers at Barclays from $96.00 to $105.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price would suggest a potential upside of 10.55% from the company’s previous close.

OKTA has been the topic of a number of other research reports. 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. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $92.00 to $97.00 in a report on Monday, December 2nd. Jefferies Financial Group lowered their price objective on shares of Okta from $100.00 to $90.00 and set a “hold” rating on the stock in a report on Thursday, December 19th. KeyCorp lifted their price objective on shares of Okta from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, February 11th. Finally, The Goldman Sachs Group lifted their price objective on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $106.13.

Okta Stock Down 2.1 %

OKTA traded down $2.00 during trading on Thursday, reaching $94.98. The company had a trading volume of 586,118 shares, compared to its average volume of 2,408,405. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The business’s fifty day moving average price is $88.20 and its 200 day moving average price is $82.38. The company has a market cap of $16.28 billion, a P/E ratio of -271.38, a PEG ratio of 6.54 and a beta of 1.03.

Insiders Place Their Bets

In other news, Director Jacques Frederic Kerrest sold 65,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total value of $6,337,500.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the sale, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 980,908 shares of company stock worth $85,025,665 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. bought a new position in Okta in the 3rd quarter valued at approximately $25,000. Bank of Jackson Hole Trust bought a new position in Okta in the 4th quarter valued at approximately $25,000. Blue Trust Inc. raised 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 buying an additional 191 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in Okta in the 3rd quarter valued at approximately $32,000. Finally, TD Private Client Wealth LLC raised its holdings in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after buying an additional 456 shares during the last quarter. 86.64% of the stock is currently 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.