Okta (NASDAQ:OKTA) Price Target Lowered to $123.00 at Morgan Stanley
Morgan Stanley has lowered its price target for Okta (NASDAQ:OKTA) from $125.00 to $123.00, maintaining an "overweight" rating. This new target suggests a potential upside of 21.33% from the current price. Other analysts have also adjusted their targets, with a consensus rating of "Moderate Buy" and an average target price of $116.03. Okta's shares traded at $101.38, with a market cap of $17.60 billion. Recent insider trading saw significant share sales by executives, while institutional ownership stands at 86.64%.
Okta (NASDAQ:OKTA - Get Free Report) had its target price decreased by stock analysts at Morgan Stanley from $125.00 to $123.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's target price points to a potential upside of 21.33% from the company's current price.
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A number of other research analysts also recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Okta from $100.00 to $105.00 and gave the stock an "overweight" rating in a report on Friday, February 28th. Sanford C. Bernstein dropped their price target on Okta from $129.00 to $124.00 and set an "outperform" rating for the company in a research note on Tuesday, December 17th. The Goldman Sachs Group boosted their target price on shares of Okta from $107.00 to $123.00 and gave the company a "buy" rating in a report on Tuesday, March 4th. BMO Capital Markets raised their price objective on shares of Okta from $105.00 to $130.00 and gave the company a "market perform" rating in a research report on Monday, March 10th. Finally, Canaccord Genuity Group boosted their price objective on shares of Okta from $94.00 to $100.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Okta currently has a consensus rating of "Moderate Buy" and an average target price of $116.03.
View Our Latest Stock Report on Okta
Okta Stock Performance
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Shares of OKTA traded up $1.17 during midday trading on Wednesday, hitting $101.38. 559,640 shares of the stock traded hands, compared to its average volume of 2,531,172. The business's 50 day moving average price is $102.27 and its two-hundred day moving average price is $88.11. The firm has a market capitalization of $17.60 billion, a PE ratio of -289.66, a price-to-earnings-growth ratio of 6.42 and a beta of 1.07. 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 1-year low of $70.56 and a 1-year high of $118.07.
Insider Buying and Selling
In other news, Director Jacques Frederic Kerrest sold 3,306 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total value of $293,738.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the sale, the chief financial officer now directly owns 112,533 shares of the company's stock, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 768,202 shares of company stock worth $71,371,369. 7.00% of the stock is owned by corporate insiders.
Institutional Trading of Okta
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of Jackson Hole Trust bought a new position in Okta in the 4th quarter worth approximately $25,000. TD Private Client Wealth LLC increased its holdings in shares of Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after purchasing an additional 456 shares during the last quarter. CX Institutional bought a new position in shares of Okta during the first quarter valued at approximately $52,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Okta in the 4th quarter valued at $40,000. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of Okta during the fourth quarter valued at $43,000. 86.64% of the stock is currently owned by institutional investors.
About Okta
(Get Free Report)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.
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