Wells Fargo & Company Cuts Okta (NASDAQ:OKTA) Price Target to $80.00

Okta (NASDAQ:OKTA) had its target price trimmed by Wells Fargo & Company from $90.00 to $80.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Mizuho lowered their price target on shares of Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday. Guggenheim reiterated a “buy” rating and set a $130.00 target price on shares of Okta in a research note on Tuesday, June 25th. Jefferies Financial Group cut their price target on Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, September 24th. DA Davidson lowered their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, Stifel Nicolaus cut their target price on Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $99.38.

Okta Stock Performance

Shares of OKTA stock opened at $74.82 on Thursday. The firm has a 50 day moving average of $80.44 and a two-hundred day moving average of $89.20. The stock has a market capitalization of $12.71 billion, a PE ratio of -89.07, a P/E/G ratio of 18.05 and a beta of 1.02. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 52 week low of $65.04 and a 52 week high of $114.50.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. On average, research analysts predict that Okta will post 0.19 EPS for the current fiscal year.

Insider Activity at Okta

In other Okta news, insider Larissa Schwartz sold 2,790 shares of the business’s 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 transaction, the insider now 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Todd Mckinnon sold 92,729 shares of the firm’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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now owns 27,713 shares in the company, valued at $2,051,039.13. 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 343,989 shares of company stock worth $27,806,184 over the last 90 days. Company insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several institutional investors have recently modified their holdings of OKTA. Vanguard Group Inc. raised its holdings 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 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 buying an additional 556 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Okta by 122.3% in the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after buying an additional 9,364 shares in the last quarter. Principal Financial Group Inc. grew its stake in Okta by 28.6% in the 1st quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock valued at $1,375,000 after acquiring an additional 2,925 shares during the last quarter. Finally, Truist Financial Corp increased its holdings in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.