Okta (NASDAQ:OKTA) PT Lowered to $85.00 at Piper Sandler

Okta (NASDAQ:OKTA) had its target price decreased by Piper Sandler from $100.00 to $85.00 in a research report sent to investors on Thursday morning, Marketbeat reports. Piper Sandler currently has a neutral rating on the stock.

Several other equities analysts also recently issued reports on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 price target on shares of Okta in a research note on Thursday, August 29th. Scotiabank lowered their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and reduced their price target for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. JPMorgan Chase & Co. lowered their price objective on Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, Robert W. Baird cut their price objective on Okta from $108.00 to $105.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $99.38.

Okta Stock Up 0.5 %

Shares of OKTA opened at $74.82 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. Okta has a 52 week low of $65.04 and a 52 week high of $114.50. The stock has a market capitalization of $12.71 billion, a price-to-earnings ratio of -89.07, a PEG ratio of 18.05 and a beta of 1.02. The stock has a fifty day moving average of $80.44 and a 200-day moving average of $89.20.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. As a group, sell-side analysts anticipate that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Larissa Schwartz sold 2,797 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $217,131.11. Following the completion of the sale, the insider now owns 24,916 shares in the company, valued at $1,934,229.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the sale, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 343,989 shares of company stock worth $27,806,184. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC purchased a new position in shares of Okta in the 3rd quarter worth approximately $26,000. City State Bank boosted its position in Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares during the last quarter. Blue Trust Inc. boosted its position in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the period. Finally, First Command Advisory Services Inc. bought a new stake in shares of Okta during the 2nd quarter worth $47,000. Hedge funds and other institutional investors 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.