Okta (OKTA) Given New $115.00 Price Target at Oppenheimer
Okta (NASDAQ:OKTA) had its price objective boosted by Oppenheimer from $90.00 to $115.00 in a research note issued to investors on Friday morning, The Fly reports. Oppenheimer currently has an outperform rating on the stock.
A number of other analysts also recently issued reports on OKTA. Canaccord Genuity raised their target price on Okta from $95.00 to $125.00 and gave the stock a buy rating in a research report on Friday. Piper Jaffray Companies raised their target price on Okta from $89.00 to $120.00 and gave the stock an overweight rating in a research report on Friday. Zacks Investment Research downgraded Okta from a buy rating to a hold rating in a research report on Thursday, March 14th. Needham & Company LLC reissued a buy rating and issued a $137.00 target price (up from $105.00) on shares of Okta in a research report on Friday. Finally, JPMorgan Chase & Co. raised their target price on Okta from $88.00 to $127.00 and gave the stock an overweight rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Okta presently has an average rating of Buy and a consensus target price of $95.17.
NASDAQ:OKTA opened at $109.03 on Friday. Okta has a 1 year low of $41.88 and a 1 year high of $119.96. The firm has a market capitalization of $12.78 billion, a price-to-earnings ratio of -105.85 and a beta of 1.07.
In related news, General Counsel Jonathan T. Runyan sold 3,000 shares of Okta stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $106.11, for a total transaction of $318,330.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Benjamin A. Horowitz sold 48,897 shares of Okta stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $106.15, for a total value of $5,190,416.55. Following the sale, the director now directly owns 11,765 shares of the company’s stock, valued at approximately $1,248,854.75. The disclosure for this sale can be found here. Insiders sold 630,462 shares of company stock valued at $54,573,997 over the last ninety days. Corporate insiders own 14.69% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Independent Advisor Alliance boosted its stake in Okta by 2.5% during the first quarter. Independent Advisor Alliance now owns 4,123 shares of the company’s stock valued at $341,000 after buying an additional 100 shares during the period. Kovack Advisors Inc. boosted its stake in Okta by 2.5% during the fourth quarter. Kovack Advisors Inc. now owns 5,107 shares of the company’s stock valued at $326,000 after buying an additional 126 shares during the period. Piedmont Investment Advisors Inc. boosted its stake in Okta by 2.3% during the first quarter. Piedmont Investment Advisors Inc. now owns 6,373 shares of the company’s stock valued at $527,000 after buying an additional 146 shares during the period. Signaturefd LLC boosted its stake in Okta by 13.0% during the first quarter. Signaturefd LLC now owns 1,382 shares of the company’s stock valued at $114,000 after buying an additional 159 shares during the period. Finally, Meitav Dash Investments Ltd. boosted its stake in Okta by 3.6% during the first quarter. Meitav Dash Investments Ltd. now owns 5,323 shares of the company’s stock valued at $433,000 after buying an additional 183 shares during the period. 79.23% of the stock is owned by institutional investors.
Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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