Robert W. Baird Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price objective raised by Robert W. Baird from $115.00 to $130.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other analysts have also recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. BMO Capital Markets lifted their price objective on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. JMP Securities reissued a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Piper Sandler lifted their price target on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $92.00 to $97.00 in a report on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Okta Stock Down 4.4 %

Shares of OKTA stock opened at $111.22 on Tuesday. The firm has a fifty day moving average of $90.54 and a 200-day moving average of $82.70. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 12-month low of $70.56 and a 12-month high of $116.96. The company has a market capitalization of $19.06 billion, a price-to-earnings ratio of -317.77, a P/E/G ratio of 6.42 and a beta of 1.09.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the transaction, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. This represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 979,482 shares of company stock worth $88,072,216. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently added to or reduced their stakes in OKTA. International Assets Investment Management LLC grew its stake in Okta by 3,719.2% in the 3rd quarter. International Assets Investment Management LLC now owns 9,739 shares of the company’s stock worth $724,000 after acquiring an additional 9,484 shares in the last quarter. Stephens Inc. AR grew its stake in Okta by 19.2% in the 3rd quarter. Stephens Inc. AR now owns 3,139 shares of the company’s stock worth $233,000 after acquiring an additional 505 shares in the last quarter. Creative Financial Designs Inc. ADV grew its stake in Okta by 12.4% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,704 shares of the company’s stock worth $127,000 after acquiring an additional 188 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Okta by 37.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 7,031 shares of the company’s stock worth $523,000 after purchasing an additional 1,916 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Okta by 232.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after purchasing an additional 277,084 shares during the period. 86.64% of the stock is currently 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.