Okta (NASDAQ:OKTA) Price Target Cut to $101.00

Okta (NASDAQ:OKTA) had its price objective reduced by equities research analysts at Royal Bank of Canada from $125.00 to $101.00 in a report released on Thursday, MarketBeat reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 34.99% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Okta from $130.00 to $113.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Needham & Company LLC started coverage on shares of Okta in a research report on Thursday. They set a “buy” rating and a $100.00 target price for the company. Wells Fargo & Company decreased their target price 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. Piper Sandler decreased their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Canaccord Genuity Group decreased their target price 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. One research 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $99.38.

Okta Stock Up 0.5 %

Shares of NASDAQ OKTA opened at $74.82 on Thursday. The company has a 50 day simple moving average of $80.44 and a 200 day simple moving average of $89.29. The firm has a market cap of $12.71 billion, a PE 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 debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) 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%. On average, research analysts forecast that Okta will post 0.19 EPS for the current year.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 343,989 shares of company stock worth $27,806,184 in the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in 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 lifted its stake in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Eminence Capital LP lifted its stake in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares in 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 during the period. Finally, Dimensional Fund Advisors LP raised its stake 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 worth $96,388,000 after purchasing an additional 178,011 shares during the period. 86.64% of the stock is currently owned by institutional investors.

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.