Okta (NASDAQ:OKTA) PT Lowered to $85.00 at Piper Sandler

Okta (NASDAQ:OKTA) had its price target reduced by Piper Sandler from $100.00 to $85.00 in a research report released on Thursday, Benzinga reports. They currently have a neutral rating on the stock.

Other analysts have also issued research reports about the stock. Guggenheim restated a “buy” rating and set a $130.00 price target on shares of Okta in a research note on Tuesday, June 25th. Needham & Company LLC restated a “buy” rating and set a $130.00 price target on shares of Okta in a research note on Thursday, August 29th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and decreased their price target for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. DA Davidson cut 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, August 29th. Finally, Canaccord Genuity Group cut their price objective on shares of Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus target price of $100.00.

Okta Stock Performance

NASDAQ:OKTA opened at $74.45 on Thursday. The company has a fifty day moving average of $80.75 and a 200-day moving average of $89.49. The firm has a market capitalization of $12.52 billion, a P/E ratio of -44.58, a P/E/G ratio of 26.91 and a beta of 1.02. 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 has a twelve month low of $65.04 and a twelve month high of $114.50.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. As a group, sell-side analysts anticipate that Okta will post 0.12 EPS for the current year.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the sale, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Okta news, insider Larissa Schwartz sold 2,790 shares of the company’s 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 directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the sale, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 343,989 shares of company stock valued at $27,806,184 over the last three months. 7.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Okta

Several hedge funds and other institutional investors have recently modified their holdings of OKTA. Fisher Asset Management LLC bought a new stake in shares of Okta during the fourth quarter valued at about $296,000. Vanguard Group Inc. increased its position in shares of Okta by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after buying an additional 438,496 shares during the period. B. Riley Wealth Advisors Inc. increased its position in shares of Okta by 19.5% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock valued at $308,000 after buying an additional 556 shares during the period. Banque Cantonale Vaudoise increased its position in shares of Okta by 4.3% during the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock valued at $307,000 after buying an additional 122 shares during the period. Finally, City State Bank increased its position in shares of Okta by 160.0% during the first quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after buying an additional 160 shares during the period. 86.64% of the stock is currently owned by institutional investors.

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.