Okta (NASDAQ:OKTA) Coverage Initiated at Roth Capital

Roth Capital began coverage on shares of Okta (NASDAQ:OKTA) in a report released on Wednesday, MarketBeat reports. The firm issued a buy rating and a $119.00 price objective on the stock.

A number of other brokerages have also recently issued reports on OKTA. Scotiabank boosted their price objective on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research note on Tuesday, March 4th. Susquehanna boosted their price target on shares of Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Cantor Fitzgerald initiated coverage on shares of Okta in a report on Monday, March 31st. They issued an “overweight” rating and a $130.00 price objective for the company. Jefferies Financial Group boosted their target price on shares of Okta from $90.00 to $110.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Finally, DA Davidson raised Okta from a “neutral” rating to a “buy” rating and raised their price target for the stock from $90.00 to $125.00 in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and a consensus price target of $116.12.

Okta Stock Performance

NASDAQ:OKTA opened at $103.38 on Wednesday. Okta has a 1 year low of $70.56 and a 1 year high of $118.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The business has a fifty day simple moving average of $102.42 and a two-hundred day simple moving average of $89.41. The company has a market capitalization of $17.95 billion, a P/E ratio of -295.37, a P/E/G ratio of 6.42 and a beta of 1.07.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at $2,524,241.25. This represents a 34.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $94.56, for a total value of $472,800.00. Following the completion of the transaction, the chief financial officer now directly owns 102,533 shares in the company, valued at $9,695,520.48. This trade represents a 4.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 362,192 shares of company stock worth $35,988,856 over the last ninety days. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wolff Wiese Magana LLC grew its position in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock worth $26,000 after buying an additional 154 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in Okta in the fourth quarter valued at $25,000. Center for Financial Planning Inc. purchased a new position in Okta during the 1st quarter valued at $47,000. TD Private Client Wealth LLC raised its holdings in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after purchasing an additional 456 shares in the last quarter. Finally, CX Institutional purchased a new stake in shares of Okta in the 1st quarter worth about $52,000. Institutional investors own 86.64% of the company’s stock.

About Okta

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.