Canaccord Genuity Group Trims Okta (NASDAQ:OKTA) Target Price to $82.00

Okta (NASDAQ:OKTA) had its target price dropped by stock analysts at Canaccord Genuity Group from $90.00 to $82.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 9.92% from the company’s previous close.

Several other analysts also recently issued reports on the company. Mizuho cut their price target on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday. Scotiabank reduced their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a report on Thursday, August 29th. Guggenheim restated a “buy” rating and set a $130.00 price target on shares of Okta in a research report on Tuesday, June 25th. Needham & Company LLC assumed coverage on shares of Okta in a research report on Thursday. They issued a “buy” rating and a $100.00 price objective on the stock. Finally, Jefferies Financial Group decreased their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $99.72.

Okta Stock Performance

Shares of OKTA stock traded up $0.15 on Friday, hitting $74.60. 187,098 shares of the stock traded hands, compared to its average volume of 1,937,560. The company’s fifty day moving average is $80.75 and its 200 day moving average is $89.49. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a market capitalization of $12.55 billion, a PE ratio of -44.67, a PEG ratio of 26.91 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $632.24 million. On average, equities research analysts predict that Okta will post 0.12 earnings per share for the current fiscal year.

Insider Activity at Okta

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the business’s 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 sale, the executive now owns 14,601 shares in the company, valued at approximately $1,133,475.63. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $1,133,475.63. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was 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 of the company’s stock, valued at $638,908.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 343,989 shares of company stock worth $27,806,184 in the last quarter. 7.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Okta by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after acquiring an additional 128,906 shares in the last quarter. Marshall Wace LLP grew its stake in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after purchasing an additional 1,227,890 shares in the last quarter. Eminence Capital LP increased its position in Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after purchasing an additional 305,381 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of Okta by 0.8% during the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after purchasing an additional 10,800 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Okta by 20.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after buying an additional 178,011 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.