Okta (NASDAQ:OKTA) Shares Gap Down After Analyst Downgrade

Shares of Okta, Inc. (NASDAQ:OKTA) gapped down before the market opened on Thursday after Jefferies Financial Group lowered their price target on the stock from $110.00 to $100.00. The stock had previously closed at $96.54, but opened at $83.01. Jefferies Financial Group currently has a hold rating on the stock. Okta shares last traded at $79.94, with a volume of 5,388,864 shares.

OKTA has been the topic of a number of other reports. Susquehanna dropped their price objective on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Evercore ISI raised Okta from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $102.00 to $122.00 in a research note on Thursday, May 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 price objective on shares of Okta in a research report on Thursday. Wedbush reissued an “outperform” rating and issued a $130.00 target price on shares of Okta in a research report on Wednesday, May 29th. Finally, Westpark Capital reaffirmed a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Thursday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.81.

Insider Activity

In related news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the sale, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Larissa Schwartz sold 2,792 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $99.40, for a total transaction of $277,524.80. Following the completion of the sale, the insider now owns 29,809 shares in the company, valued at approximately $2,963,014.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the sale, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The disclosure for this sale can be found here. Insiders sold a total of 365,051 shares of company stock valued at $34,411,773 over the last three months. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several hedge funds have recently bought and sold shares of the stock. Truist Financial Corp increased its stake 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 purchasing an additional 200,770 shares during the period. Invst LLC bought a new position in Okta during the 2nd quarter worth $226,000. Nemes Rush Group LLC boosted its position in shares of Okta by 155.4% in the second quarter. Nemes Rush Group LLC now owns 1,267 shares of the company’s stock valued at $119,000 after acquiring an additional 771 shares during the period. Mackenzie Financial Corp grew its stake in shares of Okta by 19.7% in the second quarter. Mackenzie Financial Corp now owns 17,919 shares of the company’s stock valued at $1,677,000 after acquiring an additional 2,953 shares in the last quarter. Finally, Maplelane Capital LLC increased its position in Okta by 31.9% during the second quarter. Maplelane Capital LLC now owns 343,000 shares of the company’s stock worth $32,108,000 after acquiring an additional 83,016 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Down 17.6 %

The firm’s 50 day simple moving average is $93.23 and its two-hundred day simple moving average is $95.43. The firm has a market cap of $13.38 billion, a price-to-earnings ratio of -47.61 and a beta of 1.03. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.19.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. On average, equities analysts forecast that Okta, Inc. will post -0.28 EPS for the current year.

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.