Jefferies Financial Group Trims Okta (NASDAQ:OKTA) Target Price to $85.00

Okta (NASDAQ:OKTA) had its price objective reduced by Jefferies Financial Group from $100.00 to $85.00 in a research note released on Tuesday morning, Benzinga reports. Jefferies Financial Group currently has a hold rating on the stock.

A number of other equities analysts also recently issued reports on the company. Wedbush reaffirmed an outperform rating and set a $130.00 price target on shares of Okta in a research report on Wednesday, May 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. Needham & Company LLC reissued a buy rating and issued a $130.00 price target on shares of Okta in a report on Thursday, August 29th. UBS Group cut their price objective on shares of Okta from $120.00 to $108.00 and set a buy rating on the stock in a report on Thursday, August 29th. Finally, Piper Sandler lowered their target price on shares of Okta from $110.00 to $100.00 and set a neutral rating for the company in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $104.62.

Okta Trading Down 0.8 %

Shares of NASDAQ OKTA opened at $74.29 on Tuesday. The business has a fifty day moving average price of $85.61 and a 200 day moving average price of $92.76. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. 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 stock has a market capitalization of $12.50 billion, a P/E ratio of -44.49, a price-to-earnings-growth ratio of 42.19 and a beta of 1.01.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The business had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Equities research analysts expect that Okta will post 0.08 EPS for the current fiscal year.

Insider Transactions at Okta

In related news, 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 sale, the insider now owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jacques Frederic Kerrest sold 3,280 shares of Okta stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $95.64, for a total value of $313,699.20. The disclosure for this sale can be found here. Insiders sold a total of 578,339 shares of company stock valued at $50,196,405 in the last three months. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OKTA. Banque Cantonale Vaudoise raised its position in shares of Okta by 4.3% in the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock valued at $307,000 after buying an additional 122 shares during the last quarter. Caprock Group LLC raised its holdings in Okta by 4.7% in the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock valued at $267,000 after acquiring an additional 129 shares during the last quarter. National Bank of Canada FI lifted its stake in Okta by 11.0% in the 2nd quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock worth $124,000 after purchasing an additional 130 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. Finally, CWM LLC grew its position in shares of Okta by 5.3% in the second quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after purchasing an additional 147 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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.