Citigroup Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price objective lifted by stock analysts at Citigroup from $90.00 to $95.00 in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 16.26% from the company’s current price.

A number of other brokerages also recently weighed in on OKTA. JPMorgan Chase & Co. decreased their price target on Okta from $105.00 to $85.00 and set a “neutral” rating for the company in a report on Friday, November 29th. Guggenheim reiterated a “buy” rating and set a $130.00 price target on shares of Okta in a report on Wednesday. Jefferies Financial Group increased their price target on Okta from $85.00 to $100.00 and gave the stock a “hold” rating in a report on Wednesday. DA Davidson increased their price objective on shares of Okta from $75.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Truist Financial reissued a “hold” rating and set a $92.00 price objective (up previously from $80.00) on shares of Okta in a research report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $102.53.

Okta Stock Performance

Shares of Okta stock opened at $81.71 on Wednesday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $75.15 and a two-hundred day moving average price of $84.27. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The company has a market cap of $13.88 billion, a P/E ratio of -97.27, a PEG ratio of 19.79 and a beta of 1.00.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Todd Mckinnon sold 32,516 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is currently owned by company insiders.

Institutional Trading of Okta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Paloma Partners Management Co purchased a new stake in shares of Okta in the third quarter worth $969,000. SG Americas Securities LLC increased its stake in shares of Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after purchasing an additional 9,364 shares in the last quarter. Truist Financial Corp increased its stake in shares of Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after purchasing an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Okta by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after purchasing an additional 8,239 shares in the last quarter. 86.64% of the stock is 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.