Piper Sandler Increases Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA – Get Rating) had its price objective increased by research analysts at Piper Sandler from $90.00 to $100.00 in a research report issued to clients and investors on Thursday, The Fly reports. Piper Sandler’s price objective points to a potential upside of 16.89% from the company’s previous close.

OKTA has been the topic of a number of other research reports. The Goldman Sachs Group began coverage on shares of Okta in a research note on Tuesday, February 14th. They set a “sell” rating and a $70.00 price objective on the stock. Royal Bank of Canada increased their target price on shares of Okta from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday. Cowen initiated coverage on Okta in a research note on Tuesday, December 13th. They issued a “market perform” rating and a $70.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $90.00 price target on shares of Okta in a research report on Monday, February 27th. Finally, Wolfe Research cut their price objective on Okta from $100.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, November 11th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $84.36.

Okta Price Performance

NASDAQ:OKTA opened at $85.55 on Thursday. The firm’s fifty day moving average is $71.89 and its two-hundred day moving average is $65.54. The firm has a market cap of $13.70 billion, a price-to-earnings ratio of -16.55 and a beta of 1.12. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.30 and a current ratio of 2.30. Okta has a one year low of $44.12 and a one year high of $176.18.

Okta (NASDAQ:OKTA – Get Rating) last issued its earnings results on Wednesday, November 30th. The company reported ($1.09) EPS for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.25. The firm had revenue of $481.04 million for the quarter, compared to the consensus estimate of $463.62 million. Okta had a negative return on equity of 12.54% and a negative net margin of 43.87%. Research analysts expect that Okta will post -3.62 EPS for the current year.

Insider Activity

In related news, CEO Todd Mckinnon sold 3,771 shares of the stock in a transaction that occurred on Friday, December 16th. The shares were sold at an average price of $67.41, for a total transaction of $254,203.11. Following the completion of the transaction, the chief executive officer now owns 18,662 shares of the company’s stock, valued at approximately $1,258,005.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Okta news, insider Ledger Susan St. sold 2,504 shares of Okta stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $67.41, for a total value of $168,794.64. Following the completion of the transaction, the insider now directly owns 67,298 shares of the company’s stock, valued at approximately $4,536,558.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 3,771 shares of the business’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $67.41, for a total transaction of $254,203.11. Following the sale, the chief executive officer now owns 18,662 shares in the company, valued at $1,258,005.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,950 shares of company stock valued at $805,573. Company insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OKTA. Van ECK Associates Corp acquired a new position in shares of Okta in the third quarter worth $518,000. Rafferty Asset Management LLC boosted its holdings in Okta by 74.4% in the second quarter. Rafferty Asset Management LLC now owns 108,853 shares of the company’s stock valued at $9,840,000 after purchasing an additional 46,455 shares during the period. Westpac Banking Corp grew its stake in Okta by 405.0% during the 3rd quarter. Westpac Banking Corp now owns 51,497 shares of the company’s stock worth $2,929,000 after purchasing an additional 41,300 shares in the last quarter. Thomasville National Bank increased its holdings in Okta by 76.1% during the 3rd quarter. Thomasville National Bank now owns 62,556 shares of the company’s stock worth $3,558,000 after purchasing an additional 27,029 shares during the period. Finally, Koshinski Asset Management Inc. acquired a new stake in Okta in the 3rd quarter valued at about $340,000. Institutional investors and hedge funds own 73.02% of the company’s stock.

About Okta

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Okta, Inc engages in the provision of an identity management platform for enterprises. It operates through the United States and International geographical segments. The firm’s products include single sign-on, multi-factor authentication, API access management, authentication, user management, and lifecycle management.