Royal Bank of Canada Reaffirms “Outperform” Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $101.00 target price on the stock. Royal Bank of Canada’s target price indicates a potential upside of 18.39% from the stock’s current price.

Several other brokerages have also commented on OKTA. Canaccord Genuity Group lifted their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday. Truist Financial reiterated a “hold” rating and set a $92.00 target price (up previously from $80.00) on shares of Okta in a report on Wednesday. Citigroup raised their price target on shares of Okta from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and cut their target price for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Finally, Mizuho decreased their price target on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and an average target price of $103.07.

Okta Trading Up 4.4 %

NASDAQ OKTA traded up $3.60 on Wednesday, reaching $85.31. 15,300,830 shares of the company were exchanged, compared to its average volume of 2,060,689. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $14.49 billion, a P/E ratio of -102.65, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00. The business’s fifty day moving average price is $75.15 and its 200 day moving average price is $84.27. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the sale, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This represents a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OKTA. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta during the third quarter worth $25,000. Future Financial Wealth Managment LLC bought a new position in Okta in the third quarter valued at about $26,000. Blue Trust Inc. boosted its stake in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Okta in the third quarter worth approximately $32,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the period. 86.64% of the stock is owned by institutional investors.

Okta Company Profile

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.