Okta (NASDAQ:OKTA) Price Target Cut to $124.00 by Analysts at Sanford C. Bernstein

Okta (NASDAQ:OKTA) had its price target trimmed by Sanford C. Bernstein from $129.00 to $124.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other analysts also recently weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Needham & Company LLC boosted their price objective on shares of Okta from $100.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and reduced their target price for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. Canaccord Genuity Group boosted their price target on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Finally, Bank of America cut Okta from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $104.43.

Okta Price Performance

Shares of OKTA stock opened at $85.42 on Tuesday. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market capitalization of $14.64 billion, a price-to-earnings ratio of -244.06, a PEG ratio of 8.61 and a beta of 1.00. The stock’s 50-day simple moving average is $77.34 and its 200-day simple moving average is $83.38.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,797 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 24,916 shares of the company’s stock, valued at approximately $1,934,229.08. This represents a 10.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the sale, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. This trade represents a 95.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 604,425 shares of company stock valued at $46,098,322. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Okta

Hedge funds have recently modified their holdings of the business. Itau Unibanco Holding S.A. acquired a new position in Okta during the third quarter worth about $25,000. Future Financial Wealth Managment LLC acquired a new position in shares of Okta during the 3rd quarter worth approximately $26,000. Blue Trust Inc. boosted its holdings in shares of Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Okta in the third quarter valued at approximately $32,000. Finally, First Command Advisory Services Inc. acquired a new stake in shares of Okta in the second quarter valued at approximately $47,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.