Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Barclays Analyst Says

Okta (NASDAQ:OKTA) had its price objective raised by Barclays from $96.00 to $105.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential upside of 13.21% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Mizuho increased their price target on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Canaccord Genuity Group upped 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. Canaccord Genuity Group raised their target price on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. KeyCorp boosted their price target on Okta from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 11th. Finally, UBS Group increased their price objective on shares of Okta from $108.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Okta has a consensus rating of “Hold” and an average price target of $106.13.

Okta Price Performance

OKTA opened at $92.75 on Thursday. Okta has a 52-week low of $70.56 and a 52-week high of $114.50. The company has a 50 day moving average of $88.64 and a two-hundred day moving average of $82.54. The company has a market cap of $15.89 billion, a P/E ratio of -265.00, a P/E/G ratio of 6.54 and a beta of 1.03. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In related news, Director Jacques Frederic Kerrest sold 65,000 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total transaction of $6,337,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of the firm’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 sale, the insider now owns 24,462 shares in the company, valued at $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 980,908 shares of company stock valued at $85,025,665 over the last quarter. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Institutional investors have recently modified their holdings of the company. Creative Planning boosted its stake in Okta by 661.0% during the 3rd quarter. Creative Planning now owns 86,681 shares of the company’s stock valued at $6,444,000 after purchasing an additional 75,290 shares during the period. Bleakley Financial Group LLC raised its holdings in shares of Okta by 4.6% during the third quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock valued at $306,000 after buying an additional 182 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after buying an additional 191 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Okta by 4.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 232,432 shares of the company’s stock worth $17,279,000 after buying an additional 10,761 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI acquired a new stake in Okta in the 3rd quarter valued at approximately $831,000. 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.