Okta (NASDAQ:OKTA) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Okta (NASDAQ:OKTA) from a neutral rating to an overweight rating in a research note released on Monday morning, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $100.00 price target on the stock.

OKTA has been the topic of several other research reports. Wells Fargo & Company increased their price target on shares of Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Wednesday, December 4th. Stifel Nicolaus raised their target price on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. Finally, Robert W. Baird raised their price objective on Okta from $95.00 to $105.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $104.43.

Okta Trading Down 4.7 %

NASDAQ:OKTA opened at $81.41 on Monday. The company has a market capitalization of $13.95 billion, a P/E ratio of -232.60, a P/E/G ratio of 8.61 and a beta of 1.00. The stock’s 50 day moving average price is $77.44 and its 200 day moving average price is $83.37. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 52 week low of $70.56 and a 52 week high of $114.50.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 95.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the transaction, the director now directly owns 1,622 shares in the company, valued at $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 604,425 shares of company stock worth $46,098,322 over the last quarter. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

A number of institutional investors and hedge funds have recently modified their holdings of OKTA. Paloma Partners Management Co acquired a new position in Okta during the third quarter valued at approximately $969,000. SG Americas Securities LLC boosted its position in shares of Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after purchasing an additional 9,364 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Okta by 105.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after buying an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Okta by 7.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after buying an additional 8,239 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.