Okta (NASDAQ:OKTA) Price Target Cut to $94.00 by Analysts at Scotiabank

Okta (NASDAQ:OKTA) had its price objective cut by Scotiabank from $96.00 to $94.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 6.15% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. KeyCorp upgraded shares of Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a report on Thursday, December 19th. Canaccord Genuity Group upped their price target on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Westpark Capital reiterated a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Wells Fargo & Company increased their target price on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Finally, Mizuho reduced their target price on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $104.55.

Okta Stock Up 1.5 %

Shares of Okta stock traded up $1.27 on Tuesday, hitting $88.56. The company had a trading volume of 1,515,941 shares, compared to its average volume of 2,620,472. Okta has a 1 year low of $70.56 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a 50 day moving average of $81.23 and a 200-day moving average of $82.28. The stock has a market capitalization of $15.17 billion, a price-to-earnings ratio of -253.19, a P/E/G ratio of 8.82 and a beta of 1.00.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The transaction was disclosed in a filing 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 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 approximately $1,581,937.50. This represents a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 369,949 shares of company stock worth $30,201,213. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in shares of Okta by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock worth $96,388,000 after acquiring an additional 178,011 shares during the period. Amalgamated Bank boosted its stake in Okta by 5.2% during the second quarter. Amalgamated Bank now owns 9,351 shares of the company’s stock valued at $875,000 after buying an additional 461 shares during the last quarter. Intech Investment Management LLC increased its stake in Okta by 36.4% in the 2nd quarter. Intech Investment Management LLC now owns 15,116 shares of the company’s stock worth $1,415,000 after acquiring an additional 4,031 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Okta by 639.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 56,200 shares of the company’s stock worth $5,261,000 after acquiring an additional 48,600 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Okta by 900.4% during the 2nd quarter. Pacer Advisors Inc. now owns 32,452 shares of the company’s stock valued at $3,038,000 after acquiring an additional 29,208 shares during the last quarter. Institutional investors 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.