Okta (NASDAQ:OKTA) PT Lowered to $100.00

Okta (NASDAQ:OKTA) had its price objective reduced by investment analysts at Jefferies Financial Group from $110.00 to $100.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 22.99% from the company’s previous close.

A number of other equities analysts have also weighed in on OKTA. UBS Group decreased their target price on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday. Stifel Nicolaus lowered their target price on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday. Susquehanna dropped their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Wedbush reissued an “outperform” rating and issued a $130.00 price target on shares of Okta in a report on Wednesday, May 29th. Finally, Wells Fargo & Company dropped their price objective on shares of Okta from $100.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.81.

Okta Price Performance

NASDAQ:OKTA traded down $15.23 during mid-day trading on Thursday, hitting $81.31. 9,037,396 shares of the stock traded hands, compared to its average volume of 1,853,640. The business’s 50-day moving average price is $93.37 and its 200 day moving average price is $95.54. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.19. The company has a market cap of $13.68 billion, a PE ratio of -48.38 and a beta of 1.03. Okta has a 12-month low of $65.04 and a 12-month high of $114.50.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. On average, analysts expect that Okta will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In related news, Director Jacques Frederic Kerrest sold 1,552 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total value of $135,008.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the sale, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 1,552 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $86.99, for a total transaction of $135,008.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 365,051 shares of company stock valued at $34,411,773. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Institutional investors and hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC boosted its stake in Okta by 7,678.0% during the 4th quarter. International Assets Investment Management LLC now owns 27,612 shares of the company’s stock valued at $2,500,000 after purchasing an additional 27,257 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of Okta during the fourth quarter valued at $29,000. Atria Wealth Solutions Inc. lifted its holdings in shares of Okta by 126.5% during the fourth quarter. Atria Wealth Solutions Inc. now owns 5,580 shares of the company’s stock valued at $505,000 after purchasing an additional 3,116 shares in the last quarter. Gilbert & Cook Inc. boosted its position in shares of Okta by 21.4% during the fourth quarter. Gilbert & Cook Inc. now owns 15,196 shares of the company’s stock valued at $1,376,000 after buying an additional 2,676 shares during the last quarter. Finally, Fisher Asset Management LLC bought a new stake in Okta in the 4th quarter worth about $317,000. 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.