Okta (NASDAQ:OKTA) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Okta (NASDAQ:OKTA) in a research note issued to investors on Monday, MarketBeat reports. The firm issued an overweight rating and a $130.00 price target on the stock.

A number of other brokerages have also weighed in on OKTA. Piper Sandler increased their target price on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Sanford C. Bernstein reduced their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research report on Tuesday, December 17th. Mizuho raised shares of Okta from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $110.00 to $127.00 in a research report on Tuesday, March 4th. Truist Financial boosted their price objective on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Finally, Citigroup increased their target price on shares of Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.75.

Okta Stock Down 2.6 %

Shares of OKTA opened at $105.22 on Monday. The firm has a market cap of $18.27 billion, a P/E ratio of -300.63, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 52 week low of $70.56 and a 52 week high of $118.07. The firm’s 50-day simple moving average is $100.69 and its 200 day simple moving average is $86.10.

Insider Activity

In other news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total transaction of $242,224.32. Following the completion of the sale, the insider now owns 23,311 shares in the company, valued at $2,088,199.38. The trade was a 10.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The disclosure for this sale can be found here. Insiders sold 761,197 shares of company stock worth $70,662,533 in the last quarter. 7.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OKTA. Norges Bank acquired a new stake in shares of Okta in the 4th quarter worth about $234,992,000. Ameriprise Financial Inc. raised its stake in shares of Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after purchasing an additional 1,828,630 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after purchasing an additional 1,699,176 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after purchasing an additional 1,572,786 shares in the last quarter. Finally, Sachem Head Capital Management LP purchased a new stake in Okta in the 4th quarter valued at $105,592,000. Institutional investors and hedge funds 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.