Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reiterated by stock analysts at Citigroup in a note issued to investors on Thursday. They currently have a $46.00 target price on the stock. Citigroup’s target price would suggest a potential upside of 15.84% from the stock’s current price.
A number of other research analysts have also recently weighed in on OKTA. Zacks Investment Research cut Okta from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. KeyCorp restated a “buy” rating and set a $35.00 price objective on shares of Okta in a research note on Friday, November 10th. BidaskClub cut Okta from a “buy” rating to a “hold” rating in a research note on Tuesday, December 5th. Oppenheimer restated a “buy” rating and set a $34.00 price objective on shares of Okta in a research note on Thursday, December 7th. Finally, FBN Securities started coverage on Okta in a research note on Monday, January 22nd. They set an “outperform” rating and a $35.00 price objective on the stock. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Okta has an average rating of “Buy” and a consensus target price of $41.45.
Okta (OKTA) opened at $39.71 on Thursday. Okta has a fifty-two week low of $21.52 and a fifty-two week high of $42.88. The firm has a market capitalization of $4,050.00 and a price-to-earnings ratio of -33.37.
In other news, CEO Todd Mckinnon sold 75,000 shares of Okta stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $26.11, for a total transaction of $1,958,250.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Jonathan T. Runyan sold 2,500 shares of Okta stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $38.93, for a total value of $97,325.00. Following the sale, the general counsel now directly owns 2,500 shares in the company, valued at $97,325. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 615,575 shares of company stock worth $17,190,833.
Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Okta during the third quarter worth about $128,000. Invictus RG purchased a new stake in shares of Okta during the third quarter worth about $211,000. Hershey Trust Co. purchased a new stake in shares of Okta during the fourth quarter worth about $195,000. Jane Street Group LLC purchased a new stake in shares of Okta during the third quarter worth about $247,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of Okta during the fourth quarter worth about $239,000. 39.10% of the stock is currently owned by institutional investors and hedge funds.
Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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