Okta (NASDAQ:OKTA) PT Lowered to $75.00

Okta (NASDAQ:OKTA) had its target price dropped by research analysts at DA Davidson from $85.00 to $75.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price target indicates a potential upside of 0.24% from the company’s previous close.

A number of other equities research analysts have also recently commented on OKTA. Royal Bank of Canada lowered their target price on Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday. UBS Group dropped their price objective on Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Truist Financial cut their target price on shares of Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday. The Goldman Sachs Group decreased their price target on shares of Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Finally, Susquehanna cut their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Okta presently has an average rating of “Hold” and a consensus target price of $99.38.

Okta Trading Up 0.5 %

Shares of OKTA stock opened at $74.82 on Thursday. The stock has a market cap of $12.71 billion, a P/E ratio of -89.07, a P/E/G ratio of 18.05 and a beta of 1.02. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. The business has a fifty day simple moving average of $80.44 and a 200-day simple moving average of $89.29.

Okta (NASDAQ:OKTA) last posted its earnings results 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 net margin of 5.55% and a negative return on equity of 1.10%. The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. On average, analysts forecast that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 92,729 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $94.92, for a total value of $8,801,836.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total value of $257,195.90. Following the transaction, the insider now owns 27,014 shares in the company, valued at approximately $2,485,828.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 92,729 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $94.92, for a total value of $8,801,836.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 343,989 shares of company stock worth $27,806,184. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently made changes to their positions in the business. Marshall Wace LLP increased its stake in shares of Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Okta by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after purchasing an additional 438,496 shares during the last quarter. Eminence Capital LP raised its stake in shares of Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after purchasing an additional 305,381 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Okta by 49.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 645,448 shares of the company’s stock worth $67,527,000 after purchasing an additional 214,302 shares during the last quarter. Finally, Truist Financial Corp grew its stake in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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.