BTIG Research Cuts Okta (NASDAQ:OKTA) Price Target to $98.00

Okta (NASDAQ:OKTA) had its price target lowered by BTIG Research from $128.00 to $98.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. dropped their target price on Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Citigroup dropped their target price on Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. BMO Capital Markets increased their target price on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. DA Davidson dropped their target price on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Finally, Canaccord Genuity Group dropped their target price on Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $99.38.

Okta Stock Up 0.5 %

Shares of NASDAQ:OKTA opened at $74.82 on Thursday. Okta has a 52-week low of $65.04 and a 52-week 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 business’s 50 day moving average is $80.44 and its 200 day moving average is $89.20. 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 (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Sell-side analysts predict that Okta will post 0.19 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Okta

Institutional investors have recently modified their holdings of the stock. Banque Cantonale Vaudoise grew its position in shares of Okta by 4.3% during the 1st quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock valued at $307,000 after acquiring an additional 122 shares during the period. Caprock Group LLC grew its position in shares of Okta by 4.7% during the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock valued at $267,000 after acquiring an additional 129 shares during the period. National Bank of Canada FI grew its position in shares of Okta by 11.0% during the 2nd quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock valued at $124,000 after acquiring an additional 130 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares during the period. Finally, CWM LLC grew its position in shares of Okta by 5.3% during the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after acquiring an additional 147 shares during the period. 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.