Deutsche Bank Aktiengesellschaft Downgrades Okta (NASDAQ:OKTA) to Hold

Okta (NASDAQ:OKTA) was downgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Marketbeat.com reports. They currently have a $85.00 price target on the stock, down from their previous price target of $115.00. Deutsche Bank Aktiengesellschaft’s price target points to a potential upside of 8.39% from the company’s current price.

A number of other brokerages have also recently issued reports on OKTA. Robert W. Baird cut their price objective on Okta from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, October 18th. JPMorgan Chase & Co. cut their price target on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. Citigroup cut their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Finally, Wells Fargo & Company decreased their price target on Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $98.90.

Okta Stock Performance

NASDAQ OKTA opened at $78.42 on Tuesday. Okta has a twelve month low of $66.69 and a twelve month high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The stock has a market cap of $13.32 billion, a P/E ratio of -93.36, a PEG ratio of 17.89 and a beta of 1.02. The company’s 50-day simple moving average is $74.45 and its 200 day simple moving average is $86.42.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The company had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. As a group, research analysts forecast that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 475,789 shares of company stock valued at $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in OKTA. SG Americas Securities LLC boosted its stake in Okta by 122.3% in the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after purchasing an additional 9,364 shares during the period. Truist Financial Corp boosted its position in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after buying an additional 200,770 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in shares of Okta by 14.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 229,105 shares of the company’s stock worth $23,976,000 after buying an additional 28,183 shares in the last quarter. Atria Wealth Solutions Inc. lifted its stake in Okta by 75.4% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after acquiring an additional 4,932 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Okta during the 1st quarter worth approximately $1,172,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.