Okta (NASDAQ:OKTA) Earns Buy Rating from UBS Group

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating restated by research analysts at UBS Group in a report released on Thursday, Marketbeat reports. They presently have a $150.00 target price on the stock, up from their previous target price of $120.00. UBS Group’s target price points to a potential upside of 21.06% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Guggenheim restated a “buy” rating and issued a $140.00 price objective (up previously from $130.00) on shares of Okta in a report on Tuesday. Citigroup upped their price objective on shares of Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. BTIG Research restated a “buy” rating on shares of Okta in a report on Tuesday, March 4th. Truist Financial upped their price objective on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group upped their price objective on shares of Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $118.46.

Okta Price Performance

Shares of OKTA opened at $123.91 on Thursday. The stock has a market cap of $21.51 billion, a PE ratio of -354.03, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The firm’s 50-day simple moving average is $109.24 and its two-hundred day simple moving average is $95.28.

Insider Buying and Selling at Okta

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction on Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the transaction, the executive now directly owns 19,067 shares of the company’s stock, valued at $1,929,389.73. This trade represents a 26.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction on Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the transaction, the insider now directly owns 9,828 shares of the company’s stock, valued at $1,117,935. The trade was a 37.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,452 shares of company stock worth $16,347,360. Insiders own 5.68% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of large investors have recently made changes to their positions in the company. TD Private Client Wealth LLC boosted its stake in shares of Okta by 19.6% during the 1st quarter. TD Private Client Wealth LLC now owns 561 shares of the company’s stock worth $59,000 after purchasing an additional 92 shares during the period. Allworth Financial LP boosted its stake in shares of Okta by 5.7% during the 1st quarter. Allworth Financial LP now owns 1,708 shares of the company’s stock worth $173,000 after purchasing an additional 92 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Okta by 12.6% during the 1st quarter. Smartleaf Asset Management LLC now owns 824 shares of the company’s stock worth $89,000 after purchasing an additional 92 shares during the period. GPS Wealth Strategies Group LLC boosted its stake in shares of Okta by 7.2% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company’s stock worth $156,000 after purchasing an additional 100 shares during the period. Finally, Frank Rimerman Advisors LLC boosted its stake in shares of Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock worth $352,000 after purchasing an additional 105 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.