Stephens Initiates Coverage on Okta (NASDAQ:OKTA)

Stephens began coverage on shares of Okta (NASDAQ:OKTA) in a research report sent to investors on Tuesday, Marketbeat reports. The firm issued an equal weight rating and a $127.00 price target on the stock.

OKTA has been the subject of a number of other reports. Royal Bank of Canada boosted their target price on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Mizuho upgraded shares of Okta from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $110.00 to $127.00 in a research note on Tuesday, March 4th. Jefferies Financial Group increased their target price on shares of Okta from $90.00 to $110.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. Barclays lifted their price target on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Finally, Canaccord Genuity Group increased their price objective on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $116.09.

Okta Trading Down 0.5 %

Shares of NASDAQ:OKTA opened at $104.69 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $18.17 billion, a PE ratio of -299.11, a P/E/G ratio of 6.42 and a beta of 1.09. Okta has a 12-month low of $70.56 and a 12-month high of $118.07. The business’s fifty day simple moving average is $101.00 and its 200-day simple moving average is $86.31.

Insider Activity

In related news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the transaction, the chief financial officer now directly owns 112,533 shares in the company, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the sale, the insider now owns 9,828 shares in the company, valued at approximately $1,117,935. This represents a 37.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 761,197 shares of company stock valued at $70,662,533 in the last quarter. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta during the 3rd quarter worth about $25,000. Bank of Jackson Hole Trust purchased a new position in Okta during the fourth quarter worth approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Okta in the third quarter valued at approximately $32,000. TD Private Client Wealth LLC grew its holdings in Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after purchasing an additional 456 shares during the period. 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.