Okta (OKTA) Given New $72.00 Price Target at SunTrust Banks
Okta (NASDAQ:OKTA) had its price target upped by SunTrust Banks to $72.00 in a report issued on Friday, The Fly reports. SunTrust Banks currently has a buy rating on the stock.
Several other research firms have also recently issued reports on OKTA. KeyCorp raised their target price on shares of Okta from $57.00 to $65.00 and gave the stock an overweight rating in a research report on Thursday, June 7th. Deutsche Bank raised their target price on shares of Okta from $56.00 to $62.00 and gave the stock a buy rating in a research report on Thursday, June 7th. Monness Crespi & Hardt initiated coverage on shares of Okta in a research report on Tuesday, May 29th. They issued a buy rating and a $59.00 target price on the stock. Needham & Company LLC raised shares of Okta from a hold rating to a buy rating and set a $58.00 target price on the stock in a research report on Wednesday, June 27th. They noted that the move was a valuation call. Finally, BidaskClub cut shares of Okta from a buy rating to a hold rating in a research report on Tuesday, June 26th. Seventeen investment analysts have rated the stock with a buy rating, The stock currently has an average rating of Buy and a consensus target price of $68.62.
Shares of Okta stock traded up $11.72 during mid-day trading on Friday, hitting $71.92. 10,911,382 shares of the stock were exchanged, compared to its average volume of 1,103,660. Okta has a twelve month low of $24.50 and a twelve month high of $75.00. The stock has a market capitalization of $6.42 billion, a P/E ratio of -52.50 and a beta of -0.53. The company has a debt-to-equity ratio of 1.04, a current ratio of 3.13 and a quick ratio of 3.14.
In related news, CFO William E. Losch sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 25th. The shares were sold at an average price of $49.25, for a total value of $738,750.00. Following the transaction, the chief financial officer now owns 15,000 shares in the company, valued at $738,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Jonathan T. Runyan sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $70.00, for a total transaction of $700,000.00. Following the completion of the transaction, the general counsel now owns 10,000 shares in the company, valued at approximately $700,000. The disclosure for this sale can be found here. Insiders sold 704,651 shares of company stock worth $38,384,868 in the last 90 days. 20.59% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC raised its stake in shares of Okta by 129.9% during the second quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock valued at $120,000 after purchasing an additional 1,352 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Okta by 276.1% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock valued at $105,000 after purchasing an additional 1,933 shares during the period. Centaurus Financial Inc. purchased a new stake in shares of Okta during the first quarter valued at approximately $106,000. SG Americas Securities LLC purchased a new stake in shares of Okta during the second quarter valued at approximately $139,000. Finally, Public Employees Retirement Association of Colorado purchased a new stake in shares of Okta during the second quarter valued at approximately $160,000. Hedge funds and other institutional investors own 60.19% of the company’s stock.
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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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