Morgan Stanley Upgrades Okta (NASDAQ:OKTA) to “Overweight”

Okta (NASDAQ:OKTA) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a $97.00 target price on the stock, up from their prior target price of $92.00. Morgan Stanley’s price objective would indicate a potential upside of 25.06% from the company’s previous close.

A number of other equities research analysts have also recently commented on OKTA. Citigroup decreased their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Stifel Nicolaus dropped their target price on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Mizuho decreased their price target on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. decreased their target price on Okta from $105.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $98.62.

Okta Trading Up 1.5 %

Shares of OKTA stock opened at $77.56 on Monday. Okta has a 1 year low of $66.69 and a 1 year high of $114.50. The firm has a fifty day moving average price of $74.94 and a 200-day moving average price of $84.67. The company has a market cap of $13.17 billion, a price-to-earnings ratio of -92.33, a PEG ratio of 18.99 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 475,789 shares of company stock valued at $35,701,361. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Large investors have recently made changes to their positions in the stock. Marshall Wace LLP increased its stake in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the period. Point72 Asset Management L.P. bought a new position in Okta in the 3rd quarter worth about $49,373,000. Eminence Capital LP increased its position in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in shares of Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after acquiring an additional 277,084 shares in the last quarter. Finally, Truist Financial Corp boosted its holdings in shares of Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.