Okta (NASDAQ:OKTA) Price Target Cut to $92.00 by Analysts at Scotiabank

Okta (NASDAQ:OKTA) had its price objective reduced by Scotiabank from $104.00 to $92.00 in a research note released on Thursday morning, Benzinga reports. They currently have a sector perform rating on the stock.

OKTA has been the topic of several other research reports. Wells Fargo & Company reduced their price objective on shares of Okta from $100.00 to $90.00 and set an equal weight rating on the stock in a research report on Thursday. BMO Capital Markets lifted their price objective on shares of Okta from $100.00 to $103.00 and gave the company a market perform rating in a research report on Thursday. Bank of America cut shares of Okta from a buy rating to an underperform rating and reduced their price objective for the company from $135.00 to $75.00 in a research report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Okta from $105.00 to $110.00 and gave the company a neutral rating in a research report on Thursday, May 30th. Finally, Needham & Company LLC reiterated a buy rating and set a $130.00 price objective on shares of Okta in a research report on Thursday. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $106.00.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $78.73 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.73 and a quick ratio of 1.73. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a market capitalization of $13.24 billion, a P/E ratio of -47.14 and a beta of 1.03. The firm’s 50 day simple moving average is $93.07 and its two-hundred day simple moving average is $95.46.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.27. The business had revenue of $617.00 million for the quarter, compared to the consensus estimate of $604.33 million. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. Research analysts expect that Okta will post -0.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total transaction of $257,195.90. Following the completion of the sale, the insider now owns 27,014 shares in the company, valued at $2,485,828.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Okta news, Director Jacques Frederic Kerrest sold 1,552 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total transaction of $135,008.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total value of $257,195.90. Following the sale, the insider now owns 27,014 shares of the company’s stock, valued at approximately $2,485,828.28. The disclosure for this sale can be found here. Insiders sold a total of 365,051 shares of company stock worth $34,411,773 over the last 90 days. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

A number of hedge funds have recently bought and sold shares of OKTA. Sands Capital Management LLC increased its position in shares of Okta by 42.3% during the fourth quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock worth $756,687,000 after purchasing an additional 2,486,456 shares in the last quarter. Norges Bank acquired a new position in shares of Okta during the fourth quarter worth $150,794,000. Marshall Wace LLP increased its position in shares of Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares in the last quarter. First Trust Advisors LP increased its position in shares of Okta by 28.1% during the fourth quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock worth $369,854,000 after purchasing an additional 897,216 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of Okta by 1,465.8% during the fourth quarter. Point72 Asset Management L.P. now owns 682,900 shares of the company’s stock worth $61,823,000 after purchasing an additional 732,900 shares in the last quarter. 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.