DA Davidson Cuts Okta (NASDAQ:OKTA) Price Target to $75.00

Okta (NASDAQ:OKTA) had its price objective decreased by DA Davidson from $85.00 to $75.00 in a research note released on Thursday morning, Benzinga reports. DA Davidson currently has a neutral rating on the stock.

Several other brokerages have also weighed in on OKTA. Needham & Company LLC began coverage on shares of Okta in a report on Thursday. They set a “buy” rating and a $100.00 price objective for the company. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Wells Fargo & Company decreased their price objective on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday. Guggenheim reaffirmed a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Tuesday, June 25th. Finally, Robert W. Baird decreased their price target on shares of Okta from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Okta has an average rating of “Hold” and a consensus target price of $100.00.

Okta Price Performance

OKTA opened at $74.45 on Thursday. The company has a fifty day simple moving average of $80.75 and a 200 day simple moving average of $89.49. The firm has a market cap of $12.52 billion, a price-to-earnings ratio of -44.58, a PEG ratio of 26.91 and a beta of 1.02. Okta has a twelve month low of $65.04 and a twelve month high of $114.50. 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 quarterly 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 analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Equities research analysts expect that Okta will post 0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 92,729 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $94.92, for a total transaction of $8,801,836.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 shares were sold at an average price of $94.92, for a total value of $8,801,836.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,797 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $217,131.11. Following the completion of the sale, the insider now owns 24,916 shares in the company, valued at $1,934,229.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 343,989 shares of company stock worth $27,806,184. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently made changes to their positions in the business. Future Financial Wealth Managment LLC bought a new stake in shares of Okta in the 3rd quarter worth approximately $26,000. City State Bank raised its holdings in shares of Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares in the last quarter. First Command Advisory Services Inc. purchased a new position in shares of Okta in the second quarter worth approximately $47,000. Finally, nVerses Capital LLC purchased a new position in shares of Okta in the second quarter worth approximately $47,000. 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.