Okta (NASDAQ:OKTA) Price Target Raised to $109.00 at Scotiabank

Okta (NASDAQ:OKTA) had its price objective increased by research analysts at Scotiabank from $94.00 to $109.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price target points to a potential upside of 10.63% from the stock’s previous close.

Several other brokerages have also recently weighed in on OKTA. Needham & Company LLC reissued a “buy” rating and issued a $115.00 price objective on shares of Okta in a research note on Tuesday. BTIG Research increased their price target on Okta from $98.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Piper Sandler lifted their price objective on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group increased their target price on shares of Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, Canaccord Genuity Group upped their price objective on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.13.

Okta Trading Up 8.9 %

Shares of OKTA stock opened at $98.53 on Tuesday. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The stock’s fifty day simple moving average is $89.37 and its 200 day simple moving average is $82.38. 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 capitalization of $16.88 billion, a P/E ratio of -281.13, a P/E/G ratio of 6.42 and a beta of 1.09.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total value of $293,738.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 849,482 shares of company stock worth $74,422,216. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OKTA. Bank of Jackson Hole Trust bought a new stake in Okta in the fourth quarter valued at approximately $25,000. Itau Unibanco Holding S.A. bought a new stake in Okta in the 3rd quarter worth $25,000. Legacy Investment Solutions LLC purchased a new position in shares of Okta in the third quarter valued at about $32,000. TD Private Client Wealth LLC raised its stake in shares of Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after acquiring an additional 456 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Okta during the fourth quarter worth about $40,000. Hedge funds and other 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.