Citigroup Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its price objective hoisted by research analysts at Citigroup from $100.00 to $110.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 7.19% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Scotiabank boosted their price target on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research report on Tuesday. Canaccord Genuity Group boosted their target price on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price objective on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday. BTIG Research boosted their price objective on shares of Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler increased their price objective on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and an average price target of $112.35.

Okta Trading Up 17.7 %

NASDAQ:OKTA traded up $15.46 on Tuesday, reaching $102.62. The company’s stock had a trading volume of 9,183,142 shares, compared to its average volume of 2,729,785. 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 $17.58 billion, a price-to-earnings ratio of -293.91, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The stock has a 50 day moving average price of $89.37 and a 200 day moving average price of $82.38. Okta has a 12-month low of $70.56 and a 12-month high of $114.50.

Insider Buying and Selling at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares of the company’s stock, valued at $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 849,482 shares of company stock worth $74,422,216 over the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several hedge funds have recently bought and sold shares of OKTA. Paloma Partners Management Co purchased a new stake in shares of Okta in the third quarter worth about $969,000. Stifel Financial Corp raised its stake in shares of Okta by 56.1% during the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after acquiring an additional 13,387 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Okta by 1,150.2% during the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after purchasing an additional 382,190 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in 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 acquiring an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Okta by 7.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after purchasing an additional 8,239 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

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.