Okta (NASDAQ:OKTA) Rating Increased to Overweight at KeyCorp

KeyCorp upgraded shares of Okta (NASDAQ:OKTA) from a sector weight rating to an overweight rating in a research report released on Thursday morning, Marketbeat.com reports. They currently have $115.00 target price on the stock.

Several other analysts also recently issued reports on OKTA. UBS Group reduced their price target on Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Royal Bank of Canada restated an “outperform” rating and issued a $101.00 price target on shares of Okta in a research note on Wednesday, December 4th. Piper Sandler lifted their price objective on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Barclays increased their target price on shares of Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 4th. Finally, Canaccord Genuity Group lifted their price target on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $104.45.

Okta Stock Performance

OKTA traded up $0.22 on Thursday, reaching $81.91. The company had a trading volume of 227,551 shares, compared to its average volume of 2,161,760. The stock has a market cap of $14.04 billion, a P/E ratio of -234.03, a P/E/G ratio of 8.61 and a beta of 1.00. 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 fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company’s fifty day moving average is $77.51 and its 200 day moving average is $83.36.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $1,581,937.50. The trade was a 11.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the company’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 transaction of $10,603,449.68. Following the completion of the transaction, the director now owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 403,913 shares of company stock valued at $31,017,815 in the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta in the third quarter valued at about $25,000. Future Financial Wealth Managment LLC acquired a new position in shares of Okta in the third quarter worth approximately $26,000. Blue Trust Inc. boosted its holdings in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in Okta during the 3rd quarter valued at approximately $32,000. Finally, First Command Advisory Services Inc. bought a new position in Okta during the 2nd quarter worth approximately $47,000. 86.64% of the stock is 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.