Okta (NASDAQ:OKTA) Earns Buy Rating from Analysts at Loop Capital

Loop Capital started coverage on shares of Okta (NASDAQ:OKTA) in a research note released on Monday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $140.00 price objective on the stock.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company raised their price objective on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. DA Davidson upgraded shares of Okta from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $90.00 to $125.00 in a research note on Tuesday, March 4th. Barclays increased their price objective on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. UBS Group set a $135.00 target price on shares of Okta in a research report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. upped their price target on shares of Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.80.

Okta Price Performance

NASDAQ OKTA opened at $115.71 on Monday. The company has a market cap of $20.09 billion, a price-to-earnings ratio of -330.60, a PEG ratio of 6.42 and a beta of 0.96. 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 stock’s fifty day moving average price is $104.72 and its 200 day moving average price is $91.06. Okta has a 1 year low of $70.56 and a 1 year high of $118.07.

Insider Buying and Selling at Okta

In other news, Director Jacques Frederic Kerrest sold 130,000 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total transaction of $13,650,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were 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 of the company’s stock, valued at $2,524,241.25. This represents a 34.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 222,192 shares of company stock worth $22,952,256. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Wolff Wiese Magana LLC lifted its stake in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock valued at $26,000 after purchasing an additional 154 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Okta in the 1st quarter valued at about $27,000. Rossby Financial LCC purchased a new stake in Okta in the 1st quarter valued at about $31,000. Bank of Jackson Hole Trust acquired a new position in Okta in the fourth quarter valued at about $25,000. Finally, Center for Financial Planning Inc. purchased a new position in Okta during the first quarter worth about $47,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Company Profile

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.