JPMorgan Chase & Co. Has Lowered Expectations for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price lowered by JPMorgan Chase & Co. from $105.00 to $85.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 9.59% from the company’s previous close.

A number of other analysts also recently issued reports on OKTA. UBS Group dropped their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and cut their price target for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Susquehanna reduced their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. BMO Capital Markets boosted their price objective on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Finally, Stifel Nicolaus lowered their target price on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $98.45.

Okta Trading Up 1.5 %

NASDAQ OKTA opened at $77.56 on Friday. The stock’s fifty day moving average price is $74.94 and its 200-day moving average price is $84.76. 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 $13.17 billion, a P/E ratio of -92.33, a P/E/G ratio of 18.71 and a beta of 1.02. Okta has a 12 month low of $66.69 and a 12 month high of $114.50.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million during 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%. As a group, equities analysts forecast that Okta will post 0.19 EPS for the current fiscal year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock worth $35,701,361 in the last quarter. 7.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in OKTA. Marshall Wace LLP boosted its stake in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Okta in the third quarter valued at approximately $49,373,000. Eminence Capital LP boosted its position in Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Okta by 232.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after acquiring an additional 277,084 shares during the period. Finally, Truist Financial Corp grew its position in 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 during the period. 86.64% of the stock is currently owned by hedge funds and other 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.