Royal Bank of Canada Trims Okta (NASDAQ:OKTA) Target Price to $101.00

Okta (NASDAQ:OKTA) had its price objective lowered by Royal Bank of Canada from $125.00 to $101.00 in a report published on Thursday, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages also recently weighed in on OKTA. Stifel Nicolaus reduced their target price on Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Wells Fargo & Company lowered their target price on Okta from $100.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Canaccord Genuity Group reduced their price target on shares of Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. Finally, Citigroup cut their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Okta currently has a consensus rating of “Hold” and a consensus target price of $99.38.

Okta Stock Performance

NASDAQ:OKTA opened at $74.82 on Thursday. The company has a market cap of $12.71 billion, a price-to-earnings ratio of -89.07, a PEG ratio of 18.05 and a beta of 1.02. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. 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 stock has a fifty day moving average price of $80.44 and a 200-day moving average price of $89.20.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share 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 business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. As a group, equities analysts anticipate that Okta will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 92,729 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $94.92, for a total transaction of $8,801,836.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CRO Jonathan James Addison sold 9,850 shares of Okta 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 sale, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 92,729 shares of Okta stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $94.92, for a total transaction of $8,801,836.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 343,989 shares of company stock valued at $27,806,184. 7.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Okta

A number of large investors have recently made changes to their positions in the stock. City State Bank lifted its holdings in Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after buying an additional 142 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of Okta in the third quarter valued at approximately $26,000. Blue Trust Inc. boosted its position in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the period. Finally, First Command Advisory Services Inc. bought a new stake in Okta during the 2nd quarter worth approximately $47,000. 86.64% of the stock is owned by institutional investors.

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.