Okta (NASDAQ:OKTA) Price Target Lowered to $92.00 at Morgan Stanley

Okta (NASDAQ:OKTA) had its price objective lowered by Morgan Stanley from $100.00 to $92.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 24.21% from the company’s current price.

OKTA has been the subject of several other research reports. Wells Fargo & Company reduced their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. Susquehanna decreased their target price on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Stifel Nicolaus lowered their price objective on Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Westpark Capital reaffirmed a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Thursday, August 29th. Finally, BTIG Research dropped their price objective on Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $99.39.

Okta Price Performance

OKTA stock opened at $74.07 on Monday. 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 company’s 50-day moving average is $75.30 and its 200-day moving average is $87.16. The stock has a market capitalization of $12.58 billion, a PE ratio of -88.20, a price-to-earnings-growth ratio of 16.95 and a beta of 1.02. Okta has a 1 year low of $65.98 and a 1 year high of $114.50.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results 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. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Equities research analysts expect that Okta will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction on Friday, October 18th. The stock was 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 accessible through this link. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction on Monday, September 16th. The shares were 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 of the company’s stock, valued at approximately $2,051,039.13. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 475,793 shares of company stock valued at $35,759,000 over the last three months. 7.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Okta

Several hedge funds and other institutional investors have recently modified their holdings of OKTA. Wealth Enhancement Advisory Services LLC increased its holdings in Okta by 25.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,233 shares of the company’s stock worth $966,000 after acquiring an additional 1,878 shares during the period. First Trust Direct Indexing L.P. boosted its stake in Okta by 15.8% during the first quarter. First Trust Direct Indexing L.P. now owns 2,848 shares of the company’s stock valued at $298,000 after buying an additional 388 shares during the period. Private Advisor Group LLC grew its position in Okta by 23.1% during the first quarter. Private Advisor Group LLC now owns 26,861 shares of the company’s stock worth $2,810,000 after buying an additional 5,043 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in Okta in the 1st quarter worth about $214,000. Finally, Capstone Investment Advisors LLC raised its holdings in shares of Okta by 9.5% in the 1st quarter. Capstone Investment Advisors LLC now owns 5,940 shares of the company’s stock valued at $621,000 after acquiring an additional 516 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

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.