Okta (NASDAQ:OKTA) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Research analysts at Cantor Fitzgerald started coverage on shares of Okta (NASDAQ:OKTA) in a report released on Monday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $130.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 20.38% from the stock’s current price.

Several other research firms have also recently commented on OKTA. BMO Capital Markets upped their target price on shares of Okta from $105.00 to $130.00 and gave the stock a “market perform” rating in a research report on Monday, March 10th. JMP Securities restated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. Morgan Stanley set a $125.00 price target on Okta in a research report on Tuesday, March 18th. Westpark Capital reissued a “buy” rating and set a $140.00 price target on shares of Okta in a report on Friday, February 28th. Finally, Canaccord Genuity Group upped their price objective on shares of Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and an average target price of $115.75.

Okta Price Performance

Shares of NASDAQ OKTA opened at $107.99 on Monday. Okta has a 1-year low of $70.56 and a 1-year high of $118.07. The firm has a market capitalization of $18.75 billion, a PE ratio of -308.54, a P/E/G ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The business’s fifty day moving average price is $100.33 and its two-hundred day moving average price is $85.87.

Insider Transactions at Okta

In related news, CFO Brett Tighe sold 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the sale, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at approximately $10,015,437. This represents a 4.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total transaction of $293,738.10. The disclosure for this sale can be found here. Insiders sold a total of 761,197 shares of company stock valued at $70,662,533 over the last quarter. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in Okta by 68.8% in the fourth quarter. Wellington Management Group LLP now owns 34,042 shares of the company’s stock valued at $2,683,000 after acquiring an additional 13,869 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Okta by 52.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock valued at $956,000 after purchasing an additional 4,171 shares in the last quarter. Fluent Financial LLC acquired a new stake in shares of Okta in the 4th quarter valued at $1,287,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Okta in the fourth quarter worth $8,680,000. Finally, Forum Financial Management LP acquired a new position in Okta during the fourth quarter worth $333,000. Institutional investors and hedge funds 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.