Canaccord Genuity Group Raises Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its price target raised by equities research analysts at Canaccord Genuity Group from $94.00 to $100.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 14.73% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Canaccord Genuity Group boosted their target price on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Susquehanna boosted their price objective on shares of Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Stifel Nicolaus upped their price objective on shares of Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. DA Davidson raised Okta from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $90.00 to $125.00 in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft downgraded Okta from a “buy” rating to a “hold” rating and reduced their price target for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.60.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $87.16 on Tuesday. The company has a market cap of $14.94 billion, a P/E ratio of -249.03, a PEG ratio of 6.42 and a beta of 1.03. Okta has a one year low of $70.56 and a one year high of $114.50. The business’s 50-day simple moving average is $89.37 and its 200 day simple moving average is $82.38. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $2,159,178.75. This trade represents a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 849,482 shares of company stock worth $74,422,216. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Marshall Wace LLP raised its stake in shares of Okta by 35.5% in the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock worth $282,414,000 after buying an additional 938,509 shares in the last quarter. Norges Bank bought a new position in Okta during the fourth quarter valued at about $234,992,000. Geode Capital Management LLC grew its holdings in Okta by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock worth $212,385,000 after acquiring an additional 135,110 shares during the period. Point72 Asset Management L.P. raised its position in Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after acquiring an additional 1,572,786 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after acquiring an additional 1,828,630 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.