Okta (NASDAQ:OKTA) PT Lowered to $75.00

Okta (NASDAQ:OKTA) had its target price decreased by DA Davidson from $85.00 to $75.00 in a research report sent to investors on Thursday morning, Benzinga reports. DA Davidson currently has a neutral rating on the stock.

Several other equities analysts have also recently weighed in on the company. Susquehanna cut their price objective on Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Piper Sandler cut their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday. UBS Group cut their price objective on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. The Goldman Sachs Group cut their price objective on Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Stifel Nicolaus cut their price objective on Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Okta currently has an average rating of “Hold” and an average target price of $99.38.

Okta Price Performance

Shares of OKTA 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. Okta has a 1 year low of $65.04 and a 1 year high of $114.50. The stock has a market cap of $12.59 billion, a P/E ratio of -44.80, a price-to-earnings-growth ratio of 18.05 and a beta of 1.02. The stock’s 50-day moving average price is $80.44 and its two-hundred day moving average price is $89.20.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $632.24 million. On average, equities analysts predict that Okta will post 0.19 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction that occurred on Monday, October 14th. The stock was 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 directly owns 14,601 shares in the company, valued at approximately $1,133,475.63. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Jonathan James Addison sold 9,850 shares of Okta 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 transaction, the executive now 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 disclosure for this sale can be found here. Insiders have sold 251,260 shares of company stock valued at $19,004,347 in the last 90 days. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Okta by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after purchasing an additional 128,906 shares during the period. Marshall Wace LLP boosted its stake in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after purchasing an additional 1,227,890 shares during the period. Eminence Capital LP boosted its stake in 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 during the period. Primecap Management Co. CA boosted its stake in Okta by 0.8% in the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after purchasing an additional 10,800 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Okta by 20.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after purchasing an additional 178,011 shares during the period. 86.64% of the stock is currently 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.