Canaccord Genuity Group Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price target raised by analysts at Canaccord Genuity Group from $94.00 to $100.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential downside of 14.02% from the company’s current price.

Other analysts have also recently issued research reports about the company. Citigroup raised their price objective on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. JMP Securities restated a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $115.00 target price on shares of Okta in a research note on Tuesday. Scotiabank decreased their price target on shares of Okta from $96.00 to $94.00 and set a “sector perform” rating for the company in a report on Tuesday, January 21st. Finally, Sanford C. Bernstein dropped their price objective on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Okta Trading Up 7.4 %

NASDAQ:OKTA opened at $116.31 on Tuesday. The firm has a 50 day moving average of $89.88 and a 200 day moving average of $82.47. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 52 week low of $70.56 and a 52 week high of $116.75. The stock has a market capitalization of $19.93 billion, a price-to-earnings ratio of -332.31, a PEG ratio of 6.42 and a beta of 1.09.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at $2,159,178.75. This represents a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

A number of large investors have recently modified their holdings of the business. Itau Unibanco Holding S.A. acquired a new position in Okta during the third quarter worth about $25,000. Bank of Jackson Hole Trust purchased a new position in Okta in the 4th quarter worth approximately $25,000. Legacy Investment Solutions LLC purchased a new position in Okta in the 3rd quarter worth approximately $32,000. TD Private Client Wealth LLC boosted its holdings in shares of Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after purchasing an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Okta in the fourth quarter valued at approximately $40,000. Hedge funds and other 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.