Okta (NASDAQ:OKTA) Given New $97.00 Price Target at Royal Bank Of Canada

Okta (NASDAQ:OKTA) had its target price reduced by analysts at Royal Bank Of Canada from $115.00 to $97.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 17.99% from the company’s previous close.

Several other research analysts have also weighed in on the company. Canaccord Genuity Group upgraded Okta from a “hold” rating to a “buy” rating and increased their price objective for the stock from $115.00 to $120.00 in a research report on Tuesday, August 26th. Robert W. Baird lowered their price target on Okta from $142.00 to $135.00 and set an “outperform” rating for the company in a report on Monday, September 29th. Piper Sandler reissued a “neutral” rating and set a $95.00 price objective on shares of Okta in a research report on Wednesday. Needham & Company LLC decreased their target price on shares of Okta from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Susquehanna reaffirmed a “neutral” rating and set a $80.00 target price on shares of Okta in a research note on Wednesday. Twenty-three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and an average target price of $109.76.

Okta Stock Up 0.4%

Shares of Okta stock traded up $0.34 during mid-day trading on Wednesday, hitting $82.21. The stock had a trading volume of 3,774,814 shares, compared to its average volume of 3,366,638. The firm has a 50-day moving average of $87.06 and a two-hundred day moving average of $94.08. The firm has a market cap of $14.39 billion, a P/E ratio of 96.89, a price-to-earnings-growth ratio of 3.96 and a beta of 0.77. Okta has a 12-month low of $75.05 and a 12-month high of $127.57.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 3,348 shares of the business’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $90.17, for a total transaction of $301,889.16. Following the sale, the insider directly owned 39,155 shares in the company, valued at $3,530,606.35. This represents a 7.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $95.00, for a total transaction of $950,000.00. Following the completion of the transaction, the chief financial officer directly owned 133,336 shares of the company’s stock, valued at approximately $12,666,920. The trade was a 6.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,975 shares of company stock worth $6,011,126 over the last 90 days. 5.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Okta

Institutional investors have recently modified their holdings of the business. Pinnacle Bancorp Inc. acquired a new stake in shares of Okta in the second quarter valued at $26,000. Root Financial Partners LLC purchased a new stake in Okta during the 3rd quarter worth about $26,000. Harbour Investments Inc. increased its holdings in Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 157 shares during the period. Promus Capital LLC acquired a new stake in Okta in the 2nd quarter valued at about $27,000. Finally, Kiker Wealth Management LLC boosted its stake in shares of Okta by 1,159.3% in the 2nd quarter. Kiker Wealth Management LLC now owns 340 shares of the company’s stock valued at $34,000 after buying an additional 313 shares during the period. Institutional investors and hedge funds 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.