Okta (NASDAQ:OKTA) Downgraded by Deutsche Bank Aktiengesellschaft to “Hold”

Deutsche Bank Aktiengesellschaft lowered shares of Okta (NASDAQ:OKTA) from a buy rating to a hold rating in a research note published on Tuesday, MarketBeat Ratings reports. The brokerage currently has $85.00 price target on the stock, down from their prior price target of $115.00.

Several other research firms also recently weighed in on OKTA. UBS Group decreased their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Needham & Company LLC began coverage on shares of Okta in a research report on Thursday, October 17th. They issued a “buy” rating and a $100.00 price objective on the stock. Jefferies Financial Group lowered their price objective on Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, September 24th. Morgan Stanley cut their price objective on shares of Okta from $100.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. Finally, Piper Sandler dropped their price objective on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $98.90.

Okta Trading Down 4.3 %

Shares of NASDAQ:OKTA opened at $73.66 on Tuesday. 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’s fifty day moving average price is $74.52 and its 200-day moving average price is $86.22. Okta has a 1 year low of $66.69 and a 1 year high of $114.50. The company has a market cap of $12.51 billion, a P/E ratio of -87.69, a PEG ratio of 17.93 and a beta of 1.02.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Sell-side analysts expect that Okta will post 0.19 earnings per share for the current year.

Insider Transactions at Okta

In related news, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares in the company, valued at approximately $1,133,475.63. This represents a 40.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This trade 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 worth $35,701,361 over the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

A number of institutional investors and hedge funds have recently made changes to their positions in OKTA. MML Investors Services LLC grew its position in Okta by 43.2% during the third quarter. MML Investors Services LLC now owns 33,333 shares of the company’s stock valued at $2,478,000 after acquiring an additional 10,048 shares during the period. Legacy Investment Solutions LLC acquired a new stake in Okta during the 3rd quarter worth approximately $32,000. Wahed Invest LLC raised its holdings in Okta by 14.8% in the third quarter. Wahed Invest LLC now owns 3,874 shares of the company’s stock valued at $288,000 after buying an additional 499 shares during the period. Washington Harbour Partners LP lifted its position in Okta by 19.4% during the third quarter. Washington Harbour Partners LP now owns 35,760 shares of the company’s stock valued at $2,658,000 after buying an additional 5,800 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new stake in Okta during the third quarter worth approximately $3,486,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.