Okta (NASDAQ:OKTA) PT Lowered to $82.00

Okta (NASDAQ:OKTA) had its price objective cut by investment analysts at Canaccord Genuity Group from $90.00 to $82.00 in a report issued on Friday, MarketBeat.com reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 9.60% from the company’s current price.

Several other research firms have also commented on OKTA. Wells Fargo & Company cut their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Thursday. Scotiabank decreased their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Westpark Capital reissued a “buy” rating and issued a $140.00 price objective on shares of Okta in a research report on Thursday, August 29th. The Goldman Sachs Group decreased their target price on Okta from $130.00 to $113.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, BTIG Research lowered their target price on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $99.38.

Okta Stock Performance

NASDAQ:OKTA opened at $74.82 on Friday. The company has a market cap of $12.71 billion, a P/E ratio of -89.07, a P/E/G ratio of 18.05 and a beta of 1.02. The firm’s 50 day moving average is $80.44 and its two-hundred day moving average is $89.20. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last issued its earnings results 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 return on equity of 1.10% and a negative net margin of 5.55%. The business had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Analysts expect that Okta will post 0.19 EPS for the current year.

Insider Activity

In related news, CEO Todd Mckinnon sold 92,729 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $94.92, for a total transaction of $8,801,836.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Todd Mckinnon sold 92,729 shares of Okta stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $94.92, for a total value of $8,801,836.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the transaction, the insider now directly owns 27,014 shares of the company’s stock, valued at $2,485,828.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 343,989 shares of company stock valued at $27,806,184. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

Several hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its holdings in shares of Okta by 4.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 232,432 shares of the company’s stock valued at $17,279,000 after purchasing an additional 10,761 shares during the period. Resonant Capital Advisors LLC increased its stake in Okta by 7.7% during the 3rd quarter. Resonant Capital Advisors LLC now owns 3,978 shares of the company’s stock valued at $296,000 after buying an additional 283 shares during the period. Alta Wealth Advisors LLC bought a new stake in shares of Okta during the 3rd quarter worth about $223,000. Slow Capital Inc. lifted its stake in shares of Okta by 7.2% in the 3rd quarter. Slow Capital Inc. now owns 30,785 shares of the company’s stock worth $2,289,000 after acquiring an additional 2,071 shares during the period. Finally, Blue Trust Inc. boosted its holdings 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 in the last quarter. Institutional investors 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.