Okta (NASDAQ:OKTA) Price Target Raised to $94.00 at Canaccord Genuity Group

Okta (NASDAQ:OKTA) had its target price raised by equities research analysts at Canaccord Genuity Group from $82.00 to $94.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 9.60% from the stock’s current price.

A number of other equities research analysts have also weighed in on OKTA. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and lowered their price target for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Robert W. Baird raised their target price on Okta from $95.00 to $105.00 and gave the company an “outperform” rating in a research note on Wednesday. Citigroup boosted their price target on Okta from $90.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday. Royal Bank of Canada lowered their price objective on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Finally, Susquehanna upped their target price on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $102.93.

Okta Stock Up 5.0 %

NASDAQ OKTA traded up $4.06 on Wednesday, reaching $85.77. The company had a trading volume of 4,017,071 shares, compared to its average volume of 2,005,545. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The firm has a 50-day moving average of $75.15 and a 200-day moving average of $84.27. The firm has a market capitalization of $14.57 billion, a PE ratio of -102.11, a P/E/G ratio of 19.79 and a beta of 1.00.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. Insiders have sold a total of 475,789 shares of company stock worth $35,701,361 in the last three months. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Institutional investors have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. bought a new stake in Okta in the third quarter worth about $25,000. Future Financial Wealth Managment LLC acquired a new position in shares of Okta in the 3rd quarter worth approximately $26,000. Blue Trust Inc. raised its holdings in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in Okta during the third quarter valued at approximately $32,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after buying an additional 142 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.