Okta (NASDAQ:OKTA) Cut to “Hold” at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft lowered shares of Okta (NASDAQ:OKTA) from a buy rating to a hold rating in a research report sent to investors on Tuesday, MarketBeat.com reports. The firm currently has $85.00 target price on the stock, down from their prior target price of $115.00.

Other analysts have also issued reports about the stock. Truist Financial cut their target price on shares of Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. BMO Capital Markets raised their price objective on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. Mizuho decreased their target price on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Canaccord Genuity Group reduced their target price on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a report on Friday, October 18th. Finally, DA Davidson dropped their price target on Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Okta presently has a consensus rating of “Hold” and a consensus target price of $98.90.

Okta Stock Performance

OKTA opened at $78.22 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The stock’s fifty day moving average is $74.39 and its 200-day moving average is $86.48. Okta has a one year low of $66.69 and a one year high of $114.50.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. On average, equities research analysts forecast that Okta will post 0.19 EPS for the current year.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the transaction, the insider now owns 22,125 shares in the company, valued at approximately $1,581,937.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock valued at $35,701,361 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its position in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Okta in the 3rd quarter valued at $26,000. Blue Trust Inc. lifted its holdings in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the period. First Command Advisory Services Inc. bought a new stake in shares of Okta in the 2nd quarter worth about $47,000. Finally, nVerses Capital LLC bought a new stake in Okta during the 2nd quarter worth approximately $47,000. Institutional investors own 86.64% of the company’s stock.

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.