Okta (NASDAQ:OKTA) PT Lowered to $82.00 at Canaccord Genuity Group

Okta (NASDAQ:OKTA) had its price target reduced by Canaccord Genuity Group from $90.00 to $82.00 in a research report sent to investors on Friday, MarketBeat reports. They currently have a hold rating on the stock.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. reduced their price target on shares of Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. UBS Group reduced their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Piper Sandler reduced their price target on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday. The Goldman Sachs Group reduced their price target on shares of Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Finally, Needham & Company LLC assumed coverage on shares of Okta in a research note on Thursday. They issued a “buy” rating and a $100.00 price target on the stock. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $99.38.

Okta Price Performance

Shares of OKTA stock opened at $74.82 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm’s 50-day moving average is $80.44 and its two-hundred day moving average is $89.20. Okta has a 12 month low of $65.04 and a 12 month high of $114.50. The company has a market capitalization of $12.59 billion, a PE ratio of -44.80, a price-to-earnings-growth ratio of 18.05 and a beta of 1.02.

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

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s 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 completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CRO Jonathan James Addison sold 9,850 shares of the company’s 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 sale, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 251,260 shares of company stock worth $19,004,347. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

Several institutional investors and hedge funds have recently bought and sold shares of the business. Fisher Asset Management LLC purchased a new position in Okta during the 4th quarter worth $296,000. B. Riley Wealth Advisors Inc. raised its position in 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. Banque Cantonale Vaudoise grew its stake in shares of Okta by 4.3% during the 1st quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock worth $307,000 after purchasing an additional 122 shares during the period. City State Bank grew its stake in shares of Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares during the period. Finally, Ballentine Partners LLC grew its stake in shares of Okta by 6.9% during the 1st quarter. Ballentine Partners LLC now owns 2,651 shares of the company’s stock worth $277,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors 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.