Okta (NASDAQ:OKTA) PT Lowered to $101.00

Okta (NASDAQ:OKTA) had its price target trimmed by Royal Bank of Canada from $125.00 to $101.00 in a report issued on Thursday morning, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the stock.

Other analysts have also issued reports about the stock. Truist Financial reissued a “hold” rating and set a $95.00 target price (down from $105.00) on shares of Okta in a research note on Thursday, August 29th. DA Davidson cut their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Robert W. Baird reduced their price target on shares of Okta from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Susquehanna dropped their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Finally, Citigroup dropped their price objective on shares of Okta from $115.00 to $110.00 and set a “neutral” 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 assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $99.38.

Okta Trading Up 0.5 %

Shares of NASDAQ:OKTA opened at $74.82 on Thursday. The company has a 50 day moving average of $80.44 and a 200-day moving average of $89.20. The firm has a market cap of $12.59 billion, a P/E ratio of -44.80, a P/E/G ratio of 18.05 and a beta of 1.02. Okta has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last released its 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. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. As a group, analysts anticipate that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction on Monday, October 14th. The shares were 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Okta news, insider Larissa Schwartz sold 2,790 shares of the 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 sale, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 251,260 shares of company stock valued at $19,004,347 in the last ninety days. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Okta by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after acquiring an additional 438,496 shares during the period. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Okta by 19.5% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock worth $308,000 after acquiring an additional 556 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,364 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Okta by 28.6% during the 1st quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock worth $1,375,000 after acquiring an additional 2,925 shares during the period. Finally, Truist Financial Corp increased its position in shares of Okta by 62.5% during the 2nd 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.

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.