Barclays Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA) had its price objective upped by Barclays from $81.00 to $96.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential upside of 17.49% from the stock’s previous close.

OKTA has been the subject of several other research reports. BTIG Research decreased their target price on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research report on Thursday, October 17th. BMO Capital Markets lifted their price objective on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Susquehanna reduced their price objective on Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Canaccord Genuity Group reduced their price objective on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Friday, October 18th. Finally, Scotiabank reduced their price objective on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $101.10.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $81.71 on Wednesday. The stock has a market capitalization of $13.88 billion, a price-to-earnings ratio of -97.27, a PEG ratio of 19.79 and a beta of 1.00. The stock’s fifty day simple moving average is $75.15 and its 200 day simple moving average is $84.27. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 52-week low of $70.56 and a 52-week high of $114.50.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Mckinnon sold 32,516 shares of Okta stock in a transaction that occurred 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. Insiders sold a total of 475,789 shares of company stock worth $35,701,361 over the last quarter. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Oddo BHF Asset Management Sas acquired a new position in shares of Okta during the third quarter worth $5,343,000. Tidal Investments LLC increased its holdings in shares of Okta by 132.0% during the third quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock worth $1,866,000 after buying an additional 14,283 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Okta during the third quarter worth $108,000. Sanctuary Advisors LLC grew its stake in shares of Okta by 125.8% in the third quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock worth $861,000 after purchasing an additional 6,265 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Okta in the third quarter worth $2,436,000. 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.