Okta (NASDAQ:OKTA) Price Target Cut to $95.00

Okta (NASDAQ:OKTA) had its price objective reduced by research analysts at Robert W. Baird from $105.00 to $95.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price target would indicate a potential upside of 26.97% from the stock’s current price.

A number of other equities research analysts have also recently commented on OKTA. Guggenheim reissued a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Tuesday, June 25th. Canaccord Genuity Group lowered their price objective on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Friday. BTIG Research dropped their target price on Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday. Needham & Company LLC initiated coverage on Okta in a research note on Thursday. They issued a “buy” rating and a $100.00 price target for the company. Finally, Royal Bank of Canada lowered their price target on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $99.38.

Okta Stock Up 0.5 %

Shares of NASDAQ OKTA opened at $74.82 on Friday. Okta has a 12-month low of $65.04 and a 12-month high of $114.50. The stock’s fifty day simple moving average is $80.44 and its two-hundred day simple moving average is $89.20. The stock has a market capitalization of $12.71 billion, a PE ratio of -89.07, a price-to-earnings-growth ratio of 18.05 and a beta of 1.02. 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 issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. As a group, analysts expect that Okta will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of Okta 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 transaction, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the firm’s 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 sale, the executive now directly owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,797 shares of the company’s 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 $217,131.11. Following the transaction, the insider now directly owns 24,916 shares of the company’s stock, valued at approximately $1,934,229.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 343,989 shares of company stock valued at $27,806,184. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its stake in Okta by 4.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 232,432 shares of the company’s stock valued at $17,279,000 after buying an additional 10,761 shares in the last quarter. Resonant Capital Advisors LLC lifted its position in shares of Okta by 7.7% in the third quarter. Resonant Capital Advisors LLC now owns 3,978 shares of the company’s stock valued at $296,000 after acquiring an additional 283 shares in the last quarter. Alta Wealth Advisors LLC acquired a new stake in shares of Okta in the third quarter worth approximately $223,000. Slow Capital Inc. boosted its stake in shares of Okta by 7.2% in the third quarter. Slow Capital Inc. now owns 30,785 shares of the company’s stock worth $2,289,000 after acquiring an additional 2,071 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.