Okta (NASDAQ:OKTA) Price Target Lowered to $80.00 at Truist Financial

Okta (NASDAQ:OKTA) had its price target cut by stock analysts at Truist Financial from $95.00 to $80.00 in a report released on Thursday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential upside of 6.94% from the company’s previous close.

A number of other equities analysts have also issued reports on OKTA. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. Royal Bank of Canada decreased their price target on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday. 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 research note on Thursday, August 29th. JPMorgan Chase & Co. reduced their price objective on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Finally, Jefferies Financial Group lowered their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock 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 eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $100.79.

Okta Trading Down 1.2 %

NASDAQ:OKTA traded down $0.91 on Thursday, reaching $74.81. 550,744 shares of the company’s stock were exchanged, compared to its average volume of 1,932,070. Okta has a 52-week low of $65.04 and a 52-week high of $114.50. The business has a fifty day moving average of $81.03 and a 200-day moving average of $89.60. 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 firm has a market capitalization of $12.58 billion, a price-to-earnings ratio of -44.80, a price-to-earnings-growth ratio of 26.91 and a beta of 1.02.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. As a group, analysts expect that Okta will post 0.12 earnings per share for the current year.

Insider Buying and Selling at Okta

In related news, CEO Todd Mckinnon sold 179,687 shares of the business’s stock in a transaction that occurred on 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 approximately $4,473,229.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CRO Jonathan James Addison sold 9,850 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 value of $764,655.50. Following the completion of the sale, the executive now 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $4,473,229.86. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 523,676 shares of company stock valued at $44,592,544. 7.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OKTA. Vanguard Group Inc. raised its stake in shares of Okta by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after acquiring an additional 438,496 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its position in shares of Okta by 19.5% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock valued at $308,000 after purchasing an additional 556 shares during the period. SG Americas Securities LLC lifted its stake in shares of Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after buying an additional 9,364 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Okta by 28.6% during the 1st quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock worth $1,375,000 after buying an additional 2,925 shares during the period. Finally, Truist Financial Corp grew its stake in Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

About Okta

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.