Needham & Company LLC initiated coverage on shares of Okta (NASDAQ:OKTA) in a report issued on Wednesday, Marketbeat.com reports. The firm set a “buy” rating and a $38.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 12.03% from the company’s previous close.
Several other equities analysts have also issued reports on OKTA. SunTrust Banks initiated coverage on shares of Okta in a report on Friday, October 27th. They set a “buy” rating and a $36.00 price objective on the stock. Zacks Investment Research lowered shares of Okta from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. KeyCorp restated a “buy” rating and issued a $35.00 target price on shares of Okta in a research note on Friday, November 10th. BidaskClub downgraded shares of Okta from a “buy” rating to a “hold” rating in a research note on Tuesday, December 5th. Finally, Oppenheimer restated a “buy” rating and issued a $34.00 target price on shares of Okta in a research note on Thursday, December 7th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $33.78.
Shares of Okta (NASDAQ OKTA) traded up $2.35 during mid-day trading on Wednesday, reaching $33.92. 2,373,826 shares of the company traded hands, compared to its average volume of 1,520,000. The stock has a market capitalization of $3,460.00 and a price-to-earnings ratio of -29.50. Okta has a 12 month low of $21.52 and a 12 month high of $34.13.
In other news, COO Jacques Frederic Kerrest sold 5,500 shares of Okta stock in a transaction on Friday, November 17th. The shares were sold at an average price of $30.00, for a total transaction of $165,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 75,000 shares of Okta stock in a transaction on Monday, December 4th. The stock was sold at an average price of $28.72, for a total transaction of $2,154,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 865,927 shares of company stock valued at $23,997,862.
Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in shares of Okta by 5.4% during the third quarter. JPMorgan Chase & Co. now owns 1,010,369 shares of the company’s stock worth $29,291,000 after buying an additional 51,761 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Okta during the second quarter worth $8,916,000. Hamilton Lane Advisors LLC acquired a new stake in shares of Okta during the fourth quarter worth $13,286,000. Northern Trust Corp acquired a new stake in shares of Okta during the second quarter worth $2,865,000. Finally, Vanguard Group Inc. acquired a new stake in shares of Okta during the second quarter worth $21,749,000. Institutional investors and hedge funds own 16.95% of the company’s stock.
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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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