Okta (NASDAQ:OKTA) Cut to Hold at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft downgraded shares of Okta (NASDAQ:OKTA) from a buy rating to a hold rating in a research note issued to investors on Tuesday, MarketBeat reports. The firm currently has $85.00 price objective on the stock, down from their prior price objective of $115.00.

Other analysts have also recently issued reports about the company. Robert W. Baird lowered their price target on Okta from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Mizuho cut their price target on shares of Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Stifel Nicolaus decreased their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. The Goldman Sachs Group cut their target price on shares of Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group decreased their price target on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Okta has a consensus rating of “Hold” and a consensus target price of $98.90.

Okta Stock Performance

Okta stock traded down $2.92 on Tuesday, hitting $74.01. The company’s stock had a trading volume of 557,345 shares, compared to its average volume of 1,914,035. Okta has a one year low of $66.69 and a one year high of $114.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average price of $74.50 and a 200-day moving average price of $86.36.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $632.24 million. Equities analysts predict that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Activity

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. The trade was a 40.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. This represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock valued at $35,701,361 in the last ninety days. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Okta by 0.8% in the first quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after purchasing an additional 128,906 shares in the last quarter. Marshall Wace LLP raised its position in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares during the last quarter. Eminence Capital LP lifted its stake in Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Primecap Management Co. CA boosted its position in Okta by 0.8% during the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after acquiring an additional 10,800 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Okta by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after purchasing an additional 17,950 shares during the last quarter. 86.64% of the stock is currently 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.