Okta’s (OKTA) Market Perform Rating Reaffirmed at JMP Securities

Okta (NASDAQ:OKTA)‘s stock had its “market perform” rating reiterated by research analysts at JMP Securities in a research note issued to investors on Wednesday,Benzinga reports.

A number of other equities research analysts have also weighed in on OKTA. Royal Bank of Canada cut their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Sanford C. Bernstein boosted their price objective on shares of Okta from $116.00 to $123.00 and gave the stock a “market perform” rating in a research note on Wednesday. Westpark Capital reissued a “buy” rating and set a $140.00 price objective on shares of Okta in a research note on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Truist Financial reissued a “hold” rating and set a $92.00 price objective (up previously from $80.00) on shares of Okta in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Okta presently has an average rating of “Hold” and a consensus price target of $103.07.

Okta Trading Up 5.4 %

Shares of OKTA traded up $4.40 during trading hours on Wednesday, reaching $86.11. 12,473,466 shares of the company traded hands, compared to its average volume of 2,044,000. The company’s fifty day moving average price is $75.15 and its two-hundred day moving average price is $84.27. The company has a market capitalization of $14.63 billion, a price-to-earnings ratio of -102.51, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00. 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 12 month low of $70.56 and a 12 month high of $114.50.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the transaction, the insider now owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock valued at $35,701,361 in the last 90 days. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oddo BHF Asset Management Sas bought a new stake in shares of Okta in the 3rd quarter valued at about $5,343,000. Tidal Investments LLC boosted its holdings in shares of Okta by 132.0% in the 3rd quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock valued at $1,866,000 after buying an additional 14,283 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Okta in the 3rd quarter valued at about $108,000. Sanctuary Advisors LLC boosted its holdings in shares of Okta by 125.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock valued at $861,000 after buying an additional 6,265 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Okta in the 3rd quarter valued at about $2,436,000. 86.64% of the stock is currently owned by institutional investors.

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.