Piper Sandler Raises Okta (NASDAQ:OKTA) Price Target to $90.00

Okta (NASDAQ:OKTA) had its price objective increased by research analysts at Piper Sandler from $85.00 to $90.00 in a research note issued on Wednesday, MarketBeat.com reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 7.77% from the stock’s current price.

Several other equities research analysts also recently weighed in on OKTA. Jefferies Financial Group increased their price target on Okta from $85.00 to $100.00 and gave the stock a “hold” rating in a report on Wednesday. Truist Financial reiterated a “hold” rating and issued a $92.00 target price (up previously from $80.00) on shares of Okta in a research note on Wednesday. Susquehanna lifted their target price on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. BTIG Research cut their price target on shares of Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. Finally, Citigroup decreased their price objective on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.77.

Okta Price Performance

Okta stock opened at $83.51 on Wednesday. Okta has a 12-month low of $70.56 and a 12-month high of $114.50. 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 firm has a 50-day moving average price of $75.37 and a 200-day moving average price of $84.29. The firm has a market capitalization of $14.19 billion, a PE ratio of -238.60, a price-to-earnings-growth ratio of 20.94 and a beta of 1.00.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 32,516 shares of the company’s 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 have sold a total of 607,215 shares of company stock worth $46,304,810 in the last ninety days. 7.00% of the stock is owned by insiders.

Institutional Trading of Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC increased its holdings in shares of Okta by 15.7% in the first quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock valued at $565,000 after purchasing an additional 734 shares during the period. Cetera Investment Advisers boosted its position in Okta by 87.4% in the first quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock valued at $1,806,000 after buying an additional 8,051 shares during the last quarter. Cetera Advisors LLC purchased a new stake in Okta in the first quarter valued at approximately $946,000. EverSource Wealth Advisors LLC increased its holdings in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after buying an additional 142 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in Okta by 10.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 5,115 shares of the company’s stock worth $479,000 after buying an additional 465 shares during the last quarter. 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.