Oppenheimer Reaffirms “Buy” Rating for Okta (OKTA)
Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reissued by analysts at Oppenheimer in a research report issued to clients and investors on Thursday. They presently have a $34.00 price objective on the stock. Oppenheimer’s target price indicates a potential upside of 19.47% from the company’s current price.
Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Okta from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Thursday, September 14th. KeyCorp reaffirmed a “buy” rating and issued a $35.00 price target on shares of Okta in a research report on Friday, November 10th. BidaskClub cut shares of Okta from a “buy” rating to a “hold” rating in a research report on Tuesday. SunTrust Banks started coverage on shares of Okta in a research report on Friday, October 27th. They issued a “buy” rating and a $36.00 price target for the company. Finally, Canaccord Genuity upped their price target on shares of Okta from $27.00 to $28.00 and gave the stock a “hold” rating in a research report on Friday, September 8th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Okta has a consensus rating of “Buy” and an average price target of $33.00.
Shares of Okta (NASDAQ:OKTA) traded up $0.10 during mid-day trading on Thursday, reaching $28.46. 1,002,000 shares of the company’s stock were exchanged, compared to its average volume of 553,841. Okta has a twelve month low of $21.52 and a twelve month high of $33.64.
In other Okta news, COO Jacques Frederic Kerrest sold 6,612 shares of the company’s stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $30.34, for a total transaction of $200,608.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 57,236 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $28.77, for a total transaction of $1,646,679.72. The disclosure for this sale can be found here. Insiders have sold 1,366,929 shares of company stock valued at $38,816,391 in the last three months.
Several large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new stake in shares of Okta in the third quarter worth $247,000. Allianz Asset Management GmbH acquired a new stake in shares of Okta in the third quarter worth $1,446,000. Engineers Gate Manager LP acquired a new stake in shares of Okta in the third quarter worth $1,381,000. California State Teachers Retirement System increased its stake in shares of Okta by 11.2% in the third quarter. California State Teachers Retirement System now owns 21,900 shares of the company’s stock worth $618,000 after acquiring an additional 2,200 shares during the period. Finally, Invictus RG acquired a new stake in shares of Okta in the third quarter worth $211,000. Hedge funds and other institutional investors own 14.33% of the company’s stock.
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Okta Company Profile
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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