Okta (NASDAQ:OKTA) Price Target Raised to $105.00 at Robert W. Baird

Okta (NASDAQ:OKTA) had its price target hoisted by Robert W. Baird from $95.00 to $105.00 in a report issued on Wednesday, MarketBeat reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price target indicates a potential upside of 25.73% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Stifel Nicolaus dropped their price target on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Jefferies Financial Group decreased their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, September 24th. BMO Capital Markets boosted their price objective on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. The Goldman Sachs Group reduced their price objective on shares of Okta from $113.00 to $97.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. Finally, Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $92.00 to $97.00 in a report on Monday. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.77.

Okta Trading Down 3.0 %

Okta stock opened at $83.51 on Wednesday. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. 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 $14.19 billion, a P/E ratio of -247.03, a PEG ratio of 20.94 and a beta of 1.00. The stock has a 50-day simple moving average of $75.37 and a 200 day simple moving average of $84.29.

Insiders Place Their Bets

In related news, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the transaction, the director now owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares in the company, valued at $2,051,039.13. The trade was a 9.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 607,215 shares of company stock worth $46,304,810 in the last three months. 7.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP raised its holdings in shares of Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after purchasing an additional 1,227,890 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Okta during the third quarter valued at approximately $49,373,000. Eminence Capital LP raised its holdings in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after purchasing an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after purchasing an additional 277,084 shares during the last quarter. Finally, Truist Financial Corp raised its holdings in shares of Okta by 62.5% during 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. Institutional investors 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.