Other equities analysts have also recently issued reports about the stock. SunTrust Banks upgraded shares of Okta from a hold rating to a buy rating and lifted their price objective for the stock from $130.00 to $134.00 in a research report on Wednesday, October 2nd. Needham & Company LLC lifted their price objective on shares of Okta to $154.00 and gave the stock a buy rating in a research report on Wednesday, July 17th. ValuEngine cut shares of Okta from a hold rating to a sell rating in a research report on Wednesday, October 2nd. Morgan Stanley lifted their price objective on shares of Okta from $107.00 to $117.00 and gave the stock an equal weight rating in a research report on Thursday, August 29th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut shares of Okta from a buy rating to a hold rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $130.26.
Shares of OKTA traded up $1.56 during mid-day trading on Wednesday, reaching $117.52. 824,900 shares of the company’s stock traded hands, compared to its average volume of 1,890,421. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $13.54 billion, a P/E ratio of -114.10 and a beta of 1.01. Okta has a 12 month low of $41.88 and a 12 month high of $141.85. The business’s 50-day moving average price is $108.88 and its 200-day moving average price is $118.53.
In related news, insider Charles Race sold 50,000 shares of Okta stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $107.34, for a total value of $5,367,000.00. Following the completion of the sale, the insider now owns 59,753 shares of the company’s stock, valued at approximately $6,413,887.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacques Frederic Kerrest sold 21,610 shares of Okta stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $115.05, for a total transaction of $2,486,230.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 237,129 shares of company stock worth $26,497,893. 14.69% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers lifted its stake in shares of Okta by 59.5% in the 3rd quarter. Cetera Investment Advisers now owns 3,829 shares of the company’s stock valued at $378,000 after purchasing an additional 1,428 shares during the last quarter. First Allied Advisory Services Inc. acquired a new stake in shares of Okta in the 3rd quarter valued at $392,000. Miracle Mile Advisors LLC acquired a new stake in shares of Okta in the 3rd quarter valued at $7,835,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Okta in the 3rd quarter valued at $112,000. Finally, AE Wealth Management LLC lifted its stake in shares of Okta by 7.7% in the 3rd quarter. AE Wealth Management LLC now owns 9,558 shares of the company’s stock valued at $941,000 after purchasing an additional 685 shares during the last quarter. 69.34% of the stock is owned by institutional investors and hedge funds.
Okta Company Profile
Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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