Okta (NASDAQ:OKTA) Price Target Cut to $80.00

Okta (NASDAQ:OKTA) had its target price reduced by Wells Fargo & Company from $90.00 to $80.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 6.92% from the stock’s previous close.

A number of other research firms also recently weighed in on OKTA. Citigroup decreased their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Susquehanna decreased their target price on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Stifel Nicolaus decreased their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Canaccord Genuity Group decreased their price objective on shares of Okta from $95.00 to $90.00 and set a “hold” rating for the company in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Okta has a consensus rating of “Hold” and an average target price of $99.38.

Okta Stock Up 0.5 %

Okta stock opened at $74.82 on Thursday. The company has a market cap of $12.71 billion, a P/E ratio of -89.07, a price-to-earnings-growth ratio of 18.05 and a beta of 1.02. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a fifty day simple moving average of $80.44 and a 200 day simple moving average of $89.29. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last released its earnings results 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. The business had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Research analysts anticipate that Okta will post 0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now owns 27,713 shares in the company, valued at $2,051,039.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Okta news, CEO Todd Mckinnon sold 200,512 shares of Okta 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 completion of the sale, the chief executive officer now owns 8,495 shares in the company, valued at $638,908.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. 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 currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of Okta by 4.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 232,432 shares of the company’s stock valued at $17,279,000 after buying an additional 10,761 shares in the last quarter. Resonant Capital Advisors LLC raised its position in shares of Okta by 7.7% in 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 in the last quarter. Alta Wealth Advisors LLC acquired a new position in shares of Okta in the 3rd quarter valued at approximately $223,000. Slow Capital Inc. raised its position in shares of Okta by 7.2% in the 3rd quarter. Slow Capital Inc. now owns 30,785 shares of the company’s stock valued at $2,289,000 after buying an additional 2,071 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares in the last quarter. 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.