Robert W. Baird Increases Okta (NASDAQ:OKTA) Price Target to $115.00

Okta (NASDAQ:OKTA) had its price objective raised by analysts at Robert W. Baird from $105.00 to $115.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price indicates a potential upside of 41.26% from the company’s current price.

Several other research analysts also recently issued reports on OKTA. Canaccord Genuity Group upped their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Susquehanna upped their price target on shares of Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Truist Financial reiterated a “hold” rating and set a $92.00 price target (up from $80.00) on shares of Okta in a report on Wednesday, December 4th. Needham & Company LLC increased their price objective on Okta from $100.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Citigroup increased their price objective on Okta from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus target price of $104.43.

Okta Stock Down 4.7 %

Shares of NASDAQ:OKTA opened at $81.41 on Tuesday. The company has a fifty day moving average of $77.44 and a 200-day moving average of $83.37. The company has a market capitalization of $13.95 billion, a PE ratio of -232.60, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. 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 $114.50.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares in the company, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the transaction, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 604,425 shares of company stock worth $46,098,322 in the last quarter. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of OKTA. Itau Unibanco Holding S.A. purchased a new position in Okta in the 3rd quarter valued at approximately $25,000. Future Financial Wealth Managment LLC bought a new position in Okta in the 3rd quarter valued at $26,000. Blue Trust Inc. boosted its holdings in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the period. Legacy Investment Solutions LLC bought a new position in Okta in the 3rd quarter valued at $32,000. Finally, First Command Advisory Services Inc. bought a new position in Okta in the 2nd quarter valued at $47,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.