JPMorgan Chase & Co. Upgrades Okta (NASDAQ:OKTA) to Overweight

Okta (NASDAQ:OKTA) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Monday, MarketBeat.com reports. The brokerage presently has a $100.00 price objective on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 21.97% from the stock’s previous close.

OKTA has been the topic of several other research reports. Mizuho lowered their price objective on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Wells Fargo & Company upped their price objective on shares of Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Robert W. Baird increased their target price on shares of Okta from $95.00 to $105.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group boosted their price target on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Finally, BTIG Research raised their price objective on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $104.27.

Okta Trading Down 2.3 %

NASDAQ:OKTA opened at $81.99 on Monday. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The company’s 50 day moving average is $76.84 and its 200-day moving average is $83.43. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market cap of $13.93 billion, a price-to-earnings ratio of -234.26, a P/E/G ratio of 8.93 and a beta of 1.00.

Insider Buying and Selling at Okta

In related news, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction on 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 $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 32,516 shares of the 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 604,425 shares of company stock worth $46,098,322. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace LLP boosted 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 worth $212,841,000 after acquiring an additional 1,227,890 shares during the last quarter. Eminence Capital LP boosted its position in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after purchasing an additional 305,381 shares in the last quarter. Primecap Management Co. CA boosted its position in shares of Okta by 0.8% during the second quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after purchasing an additional 10,800 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Okta by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after buying an additional 17,950 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Okta by 20.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after buying an additional 178,011 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

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.