Okta (NASDAQ:OKTA) Price Target Cut to $115.00 by Analysts at JPMorgan Chase & Co.

Okta (NASDAQ:OKTA) had its price target decreased by research analysts at JPMorgan Chase & Co. from $140.00 to $115.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 43.76% from the stock’s previous close.

A number of other brokerages also recently weighed in on OKTA. Canaccord Genuity Group raised shares of Okta from a “hold” rating to a “buy” rating and raised their target price for the company from $115.00 to $120.00 in a research note on Tuesday, August 26th. Truist Financial raised Okta from a “hold” rating to a “buy” rating and raised their price objective for the company from $100.00 to $125.00 in a research report on Monday, August 25th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research note on Wednesday, August 27th. Berenberg Bank began coverage on Okta in a research note on Tuesday, November 18th. They issued a “buy” rating and a $145.00 target price on the stock. Finally, Scotiabank reduced their price target on Okta from $115.00 to $105.00 and set a “sector perform” rating for the company in a report on Wednesday, August 27th. Twenty-three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $115.94.

Okta Stock Performance

Shares of Okta stock traded down $0.34 during trading on Monday, hitting $79.99. The company’s stock had a trading volume of 748,386 shares, compared to its average volume of 3,333,773. Okta has a 52 week low of $76.35 and a 52 week high of $127.57. The company has a market capitalization of $14.00 billion, a PE ratio of 94.18, a P/E/G ratio of 3.94 and a beta of 0.78. The company has a fifty day simple moving average of $87.50 and a two-hundred day simple moving average of $94.70.

Insider Activity

In other news, CRO Jonathan James Addison sold 6,091 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $92.61, for a total value of $564,087.51. Following the transaction, the executive directly owned 7,067 shares in the company, valued at $654,474.87. This trade represents a 46.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Eric Robert Kelleher sold 8,522 shares of the company’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $92.62, for a total value of $789,307.64. Following the sale, the insider owned 9,174 shares of the company’s stock, valued at approximately $849,695.88. This trade represents a 48.16% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 64,975 shares of company stock worth $6,011,126. Insiders own 5.68% of the company’s stock.

Hedge Funds Weigh In On Okta

Institutional investors have recently bought and sold shares of the stock. Pinnacle Bancorp Inc. purchased a new position in shares of Okta during the 2nd quarter valued at about $26,000. Root Financial Partners LLC purchased a new stake in Okta in the 3rd quarter worth approximately $26,000. Harbour Investments Inc. raised its stake in Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock worth $27,000 after acquiring an additional 157 shares during the period. Promus Capital LLC purchased a new position in Okta during the second quarter valued at approximately $27,000. Finally, Kiker Wealth Management LLC boosted its position in shares of Okta by 1,159.3% in the second quarter. Kiker Wealth Management LLC now owns 340 shares of the company’s stock worth $34,000 after purchasing an additional 313 shares during the period. 86.64% of the stock is owned by institutional investors.

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.