Needham & Company LLC Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price target hoisted by investment analysts at Needham & Company LLC from $100.00 to $115.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 40.74% from the stock’s previous close.

Several other research firms have also recently weighed in on OKTA. BMO Capital Markets increased their price target on shares of Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research note on Thursday, August 29th. Royal Bank of Canada cut their target price on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and decreased their price target for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. Wells Fargo & Company cut their price objective on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. Finally, Scotiabank decreased their target price on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $100.52.

Okta Trading Up 1.1 %

Shares of OKTA stock opened at $81.71 on Wednesday. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The stock has a market cap 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 company’s 50-day moving average price is $75.03 and its 200-day moving average price is $84.42. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,791 shares of the business’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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the transaction, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock valued at $35,701,361 in the last ninety days. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Institutional investors and hedge funds have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new position in Okta during the 3rd quarter worth approximately $25,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares during the period. Future Financial Wealth Managment LLC purchased a new position in shares of Okta during the third quarter worth approximately $26,000. Blue Trust Inc. increased its holdings in shares of Okta by 105.5% in the 3rd 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 period. Finally, Legacy Investment Solutions LLC acquired a new position in shares of Okta in the 3rd quarter valued at $32,000. 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.