Okta (NASDAQ:OKTA) Raised to Overweight at Morgan Stanley

Okta (NASDAQ:OKTA) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Monday, MarketBeat.com reports. The brokerage currently has a $97.00 price target on the stock, up from their prior price target of $92.00. Morgan Stanley’s price objective points to a potential upside of 18.71% from the stock’s previous close.

OKTA has been the topic of a number of other reports. BMO Capital Markets lifted their target price on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 29th. Piper Sandler dropped their price target on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Jefferies Financial Group reduced their price objective on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, September 24th. Royal Bank of Canada dropped their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Finally, UBS Group reduced their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One equities research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $98.62.

Okta Trading Up 1.1 %

Shares of NASDAQ:OKTA opened at $81.71 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a market capitalization of $13.88 billion, a price-to-earnings ratio of -97.27, a PEG ratio of 19.79 and a beta of 1.00. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The company has a 50 day moving average price of $75.03 and a 200 day moving average price of $84.42.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 224,533 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

Hedge funds have recently made changes to their positions in the stock. Caprock Group LLC raised its holdings in Okta by 4.7% in the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock valued at $267,000 after acquiring an additional 129 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Okta by 11.0% in the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock valued at $124,000 after purchasing an additional 130 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the period. CWM LLC boosted its stake in Okta by 5.3% during the second quarter. CWM LLC now owns 2,910 shares of the company’s stock worth $272,000 after buying an additional 147 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its holdings in Okta by 4.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock valued at $306,000 after buying an additional 182 shares during the period. Institutional investors own 86.64% of the company’s stock.

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.