Sanford C. Bernstein Cuts Okta (NASDAQ:OKTA) Price Target to $124.00

Okta (NASDAQ:OKTA) had its price objective trimmed by Sanford C. Bernstein from $129.00 to $124.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. Barclays increased their price target on Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group boosted their price objective on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Susquehanna increased their target price on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Finally, Scotiabank boosted their price target on shares of Okta from $92.00 to $96.00 and gave the company a “sector perform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Okta presently has an average rating of “Hold” and an average target price of $104.45.

Okta Stock Performance

Okta stock opened at $81.69 on Tuesday. The company has a market cap of $14.00 billion, a PE ratio of -233.40, a P/E/G ratio of 8.61 and a beta of 1.00. Okta has a 12 month low of $70.56 and a 12 month high of $114.50. The company has a fifty day moving average price of $77.51 and a two-hundred day moving average price of $83.36. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,797 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $217,131.11. Following the completion of the transaction, the insider now owns 24,916 shares of the company’s stock, valued at approximately $1,934,229.08. This trade represents a 10.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 32,516 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 403,913 shares of company stock valued at $31,017,815. 7.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Itau Unibanco Holding S.A. purchased a new stake in Okta in the 3rd quarter worth about $25,000. Future Financial Wealth Managment LLC acquired a new position in Okta in the third quarter worth approximately $26,000. Blue Trust Inc. raised its holdings in shares of Okta by 105.5% during the 3rd 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 stake in shares of Okta in the 3rd quarter valued at $32,000. Finally, First Command Advisory Services Inc. bought a new stake in Okta in the second quarter worth $47,000. Hedge funds and other 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.