Okta (NASDAQ:OKTA) Upgraded by Morgan Stanley to “Overweight” Rating

Okta (NASDAQ:OKTA) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Monday,Benzinga reports. The brokerage currently has a $97.00 target price on the stock, up from their previous target price of $92.00. Morgan Stanley’s target price points to a potential upside of 25.06% from the company’s previous close.

A number of other research firms have also weighed in on OKTA. Jefferies Financial Group dropped their price objective on Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, September 24th. BMO Capital Markets raised their price target on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 29th. Mizuho lowered their price objective on shares of Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. DA Davidson dropped their target price on shares of Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Finally, Barclays initiated coverage on Okta in a report on Tuesday, November 19th. They issued an “equal weight” rating and a $81.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Okta has an average rating of “Hold” and a consensus price target of $98.62.

Okta Stock Up 1.5 %

Shares of NASDAQ:OKTA opened at $77.56 on Monday. The stock has a market capitalization of $13.17 billion, a P/E ratio of -92.33, a price-to-earnings-growth ratio of 18.99 and a beta of 1.02. The stock’s 50-day moving average price is $74.94 and its 200-day moving average price is $84.67. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 12-month low of $66.69 and a 12-month high of $114.50.

Insider Buying and Selling

In other news, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now owns 8,495 shares in the company, valued at $638,908.95. The trade was a 95.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the sale, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock worth $35,701,361 in the last three months. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP raised 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 buying an additional 1,227,890 shares during the last quarter. Eminence Capital LP grew its holdings 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. Primecap Management Co. CA increased its position in Okta by 0.8% during the second quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after acquiring an additional 10,800 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Okta by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after acquiring an additional 17,950 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Okta by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after acquiring an additional 178,011 shares during the period. 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.