Okta (NASDAQ:OKTA) Price Target Lowered to $85.00 at Jefferies Financial Group

Okta (NASDAQ:OKTA) had its target price lowered by Jefferies Financial Group from $100.00 to $85.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 13.55% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Scotiabank dropped their price objective on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a report on Thursday, August 29th. Robert W. Baird lowered their price target on shares of Okta from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Wells Fargo & Company cut their price objective on shares of Okta from $100.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. The Goldman Sachs Group decreased their target price on shares of Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Piper Sandler cut their price target on shares of Okta from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Okta has a consensus rating of “Hold” and an average target price of $104.62.

Okta Price Performance

OKTA opened at $74.86 on Tuesday. The firm has a 50-day moving average price of $86.00 and a 200-day moving average price of $92.88. Okta has a twelve month low of $65.04 and a twelve month 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. The company has a market capitalization of $12.72 billion, a price-to-earnings ratio of -44.83, a PEG ratio of 42.19 and a beta of 1.01.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating 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 business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Equities analysts expect that Okta will post 0.08 EPS for the current year.

Insider Activity

In related news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the sale, the chief executive officer now directly owns 47,883 shares in the company, valued at approximately $4,473,229.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,792 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $99.40, for a total value of $277,524.80. Following the sale, the insider now owns 29,809 shares of the company’s stock, valued at approximately $2,963,014.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 179,687 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the transaction, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at $4,473,229.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 580,439 shares of company stock valued at $50,396,157. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

Large investors have recently modified their holdings of the business. City State Bank increased its position in Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the period. First Command Advisory Services Inc. bought a new position in Okta in the second quarter worth about $47,000. nVerses Capital LLC purchased a new stake in Okta in the second quarter worth about $47,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Okta during the 1st quarter valued at approximately $63,000. 86.64% of the stock is 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.