Okta (NASDAQ:OKTA) Price Target Cut to $85.00

Okta (NASDAQ:OKTA) had its price objective cut by analysts at Jefferies Financial Group from $100.00 to $85.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Jefferies Financial Group’s target price points to a potential upside of 11.46% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. 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 report on Thursday, August 29th. JPMorgan Chase & Co. decreased their price objective on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Wells Fargo & Company lowered their target price on shares of Okta from $100.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Scotiabank cut their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 29th. Finally, The Goldman Sachs Group dropped their price objective on shares of Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $104.62.

Okta Price Performance

Shares of OKTA traded up $0.08 during mid-day trading on Tuesday, hitting $76.26. 360,518 shares of the stock were exchanged, compared to its average volume of 1,940,212. The company has a market cap of $12.83 billion, a PE ratio of -45.57, a price-to-earnings-growth ratio of 41.00 and a beta of 1.01. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The firm has a 50-day moving average of $86.92 and a two-hundred day moving average of $93.25. Okta has a 52-week low of $65.04 and a 52-week high of $114.50.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping 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 company had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. On average, equities analysts predict that Okta will post 0.08 earnings per share for the current year.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the 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 sale, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 26,618 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total value of $2,669,519.22. The disclosure for this sale can be found here. Insiders sold 347,411 shares of company stock worth $32,837,280 in the last three months. 7.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in 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 buying an additional 128,906 shares during the last quarter. Sands Capital Management LLC raised its position in shares of Okta by 42.3% during the 4th quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock worth $756,687,000 after acquiring an additional 2,486,456 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Okta by 28.1% during the 4th quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock worth $369,854,000 after buying an additional 897,216 shares during the last quarter. Marshall Wace LLP raised its stake in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Finally, Eminence Capital LP lifted its position in Okta by 18.1% in the second 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 during the last quarter. Institutional investors and hedge funds 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.