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

Okta (NASDAQ:OKTA) had its price objective lifted by equities researchers at Citigroup from $95.00 to $100.00 in a research note issued to investors on Friday. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target points to a potential upside of 16.73% from the stock’s current price.

OKTA has been the topic of several other reports. Guggenheim reiterated a “buy” rating and issued a $130.00 price target on shares of Okta in a research report on Wednesday, December 4th. Stifel Nicolaus boosted their target price on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Truist Financial restated a “hold” rating and set a $92.00 target price (up from $80.00) on shares of Okta in a report on Wednesday, December 4th. Robert W. Baird upped their price target on Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Finally, Piper Sandler increased their price objective on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.61.

Okta Stock Up 1.7 %

Shares of OKTA stock opened at $85.67 on Friday. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The business’s fifty day moving average is $80.84 and its 200-day moving average is $82.53. The stock has a market cap of $14.68 billion, a PE ratio of -244.77, a price-to-earnings-growth ratio of 8.52 and a beta of 1.00.

Insider Activity 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 stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were 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. In the last quarter, insiders sold 369,949 shares of company stock valued at $30,201,213. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. bought a new stake in shares of Okta during the 3rd quarter worth $25,000. Future Financial Wealth Managment LLC bought a new position in Okta in the 3rd quarter worth $26,000. Blue Trust Inc. lifted its position in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Okta during the third quarter valued at about $32,000. Finally, Modus Advisors LLC acquired a new stake in shares of Okta in the fourth quarter valued at about $44,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.