Westpark Capital Reaffirms “Buy” Rating for Okta (NASDAQ:OKTA)

Westpark Capital reissued their buy rating on shares of Okta (NASDAQ:OKTAFree Report) in a research report report published on Wednesday morning,Benzinga reports. They currently have a $140.00 price objective on the stock.

OKTA has been the subject of several other reports. Stifel Nicolaus cut their price target on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. Canaccord Genuity Group decreased their target price on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Friday, October 18th. JPMorgan Chase & Co. lowered their price target on Okta from $105.00 to $85.00 and set a “neutral” rating on the stock in a report on Friday, November 29th. Finally, Barclays began coverage on Okta in a report on Tuesday, November 19th. They set an “equal weight” rating and a $81.00 price objective for the company. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.77.

View Our Latest Stock Report on Okta

Okta Trading Up 1.5 %

Shares of Okta stock opened at $84.79 on Wednesday. The company’s 50-day moving average price is $75.77 and its 200-day moving average price is $84.16. 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 $70.56 and a 12-month high of $114.50. The company has a market cap of $14.40 billion, a price-to-earnings ratio of -242.26, a PEG ratio of 20.94 and a beta of 1.00.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the sale, the director now directly owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 607,215 shares of company stock valued at $46,304,810 in the last quarter. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently bought and sold shares of the stock. 272 Capital LP purchased a new position in shares of Okta during the 3rd quarter worth approximately $1,241,000. Oddo BHF Asset Management Sas purchased a new stake in Okta in the third quarter worth $5,343,000. Tidal Investments LLC raised its holdings in Okta by 132.0% in the third quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock worth $1,866,000 after purchasing an additional 14,283 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Okta during the third quarter valued at $108,000. Finally, Sanctuary Advisors LLC boosted its holdings in shares of Okta by 125.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock valued at $861,000 after buying an additional 6,265 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

About Okta

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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.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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