Jefferies Financial Group Lowers Okta (NASDAQ:OKTA) Price Target to $90.00

Okta (NASDAQ:OKTA) had its price target lowered by research analysts at Jefferies Financial Group from $100.00 to $90.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s price objective indicates a potential upside of 8.07% from the company’s previous close.

Several other research firms have also recently issued reports on OKTA. BTIG Research increased their price objective on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. 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 note on Thursday, August 29th. Westpark Capital restated a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Wednesday, December 4th. Guggenheim reaffirmed a “buy” rating and issued a $130.00 target price on shares of Okta in a report on Wednesday, December 4th. Finally, Robert W. Baird boosted their price target on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, Okta presently has a consensus rating of “Hold” and an average price target of $104.45.

Okta Stock Performance

Shares of OKTA stock opened at $83.28 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a 50 day simple moving average of $77.51 and a 200-day simple moving average of $83.36. The company has a market cap of $14.27 billion, a price-to-earnings ratio of -237.94, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. Okta has a 12-month low of $70.56 and a 12-month high of $114.50.

Insider Transactions at Okta

In related news, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the transaction, the director now directly owns 1,622 shares of the company’s stock, valued at $130,862.96. This trade represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 403,913 shares of company stock worth $31,017,815 over the last quarter. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. acquired a new stake in Okta during the third quarter worth about $25,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta during the 3rd quarter worth about $26,000. Blue Trust Inc. increased its position in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares in the last quarter. Legacy Investment Solutions LLC purchased a new position in Okta in the third quarter valued at approximately $32,000. Finally, First Command Advisory Services Inc. acquired a new position in Okta during the second quarter valued at approximately $47,000. Institutional investors and hedge funds 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.