Truist Financial Trims Okta (NASDAQ:OKTA) Target Price to $80.00

Okta (NASDAQ:OKTA) had its target price lowered by Truist Financial from $95.00 to $80.00 in a report issued on Thursday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of Okta in a research note on Thursday. They issued a “buy” rating and a $100.00 price target on the stock. Royal Bank of Canada decreased their price target on Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday. Piper Sandler dropped their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday. UBS Group lowered their target price on Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Westpark Capital reiterated a “buy” rating and set a $140.00 price target on shares of Okta in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus price target of $99.38.

Okta Price Performance

Okta stock opened at $74.82 on Thursday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The stock has a market cap of $12.71 billion, a P/E ratio of -89.07, a PEG ratio of 18.05 and a beta of 1.02. The company has a 50-day moving average price of $80.44 and a 200 day moving average price of $89.20. Okta has a 12-month low of $65.04 and a 12-month high of $114.50.

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

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 92,729 shares of the company’s 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Todd Mckinnon sold 92,729 shares of the company’s stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s 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 transaction, the executive now owns 14,601 shares in the company, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 343,989 shares of company stock worth $27,806,184. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Okta

A number of hedge funds have recently added to or reduced their stakes in OKTA. Fisher Asset Management LLC purchased a new position in shares of Okta during the 4th quarter worth about $296,000. Vanguard Group Inc. increased its position in Okta by 2.9% during the fourth 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. B. Riley Wealth Advisors Inc. raised its stake in Okta by 19.5% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock worth $308,000 after purchasing an additional 556 shares during the period. Banque Cantonale Vaudoise raised its stake in Okta by 4.3% during the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock worth $307,000 after purchasing an additional 122 shares during the period. Finally, City State Bank boosted its holdings in shares of Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares during 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.