Okta, Inc. (NASDAQ:OKTA) Given Consensus Rating of “Hold” by Analysts

Okta, Inc. (NASDAQ:OKTA) has been assigned an average recommendation of “Hold” from the thirty-two research firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $104.45.

Several brokerages have recently issued reports on OKTA. UBS Group decreased their price objective on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. Needham & Company LLC boosted their target price on shares of Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Royal Bank of Canada restated an “outperform” rating and set a $101.00 target price on shares of Okta in a research report on Wednesday, December 4th. Finally, Canaccord Genuity Group boosted their price objective on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th.

Okta Trading Up 0.3 %

Shares of OKTA stock opened at $81.69 on Friday. The stock’s 50-day moving average price is $77.51 and its 200-day moving average price is $83.36. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. The stock has a market capitalization of $14.00 billion, a price-to-earnings ratio of -233.40, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Activity

In other Okta news, CEO Todd Mckinnon sold 32,516 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $76.22, for a total value of $2,478,369.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 403,913 shares of company stock worth $31,017,815. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP grew its stake in Okta by 117.4% during the 2nd 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. acquired a new stake in Okta during the 3rd quarter valued at approximately $49,373,000. Eminence Capital LP increased its stake in shares of Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares during the period. 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 worth $29,479,000 after purchasing an additional 277,084 shares during the last quarter. Finally, Truist Financial Corp lifted its position in 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 period. 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.