Okta (NASDAQ:OKTA) PT Lowered to $85.00

Okta (NASDAQ:OKTAGet Rating) had its price objective reduced by equities researchers at Stifel Nicolaus from $115.00 to $85.00 in a report issued on Thursday, The Fly reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 31.52% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Truist Financial lowered their target price on Okta from $140.00 to $100.00 and set a “hold” rating for the company in a report on Thursday. Stephens cut Okta from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $145.00 to $80.00 in a report on Thursday. Mizuho lowered their target price on Okta from $150.00 to $110.00 and set a “buy” rating for the company in a report on Thursday. Morgan Stanley cut Okta from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $150.00 to $93.00 in a report on Thursday. Finally, Royal Bank of Canada lowered their target price on Okta from $260.00 to $145.00 in a report on Tuesday, May 31st. Fourteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $121.20.

Okta Price Performance

OKTA opened at $64.63 on Thursday. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.40. Okta has a 12 month low of $58.12 and a 12 month high of $276.30. The company has a fifty day simple moving average of $97.89 and a 200 day simple moving average of $118.14. The stock has a market cap of $10.20 billion, a P/E ratio of -10.11 and a beta of 1.05.

Okta (NASDAQ:OKTAGet Rating) last released its quarterly earnings data on Wednesday, August 31st. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.20. Okta had a negative net margin of 67.06% and a negative return on equity of 13.13%. The business had revenue of $435.38 million during the quarter, compared to analysts’ expectations of $430.66 million. During the same quarter in the prior year, the company earned ($1.35) EPS. The firm’s quarterly revenue was up 43.6% on a year-over-year basis. On average, research analysts expect that Okta will post -5.56 EPS for the current year.

Insider Activity at Okta

In other Okta news, CFO Brett Tighe sold 5,913 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $472,862.61. Following the completion of the sale, the chief financial officer now directly owns 31,189 shares in the company, valued at $2,494,184.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Okta news, CFO Brett Tighe sold 5,913 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $472,862.61. Following the completion of the sale, the chief financial officer now directly owns 31,189 shares in the company, valued at $2,494,184.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Jonathan T. Runyan sold 2,933 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $79.97, for a total transaction of $234,552.01. Following the sale, the general counsel now owns 587 shares of the company’s stock, valued at $46,942.39. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,442 shares of company stock worth $1,316,786. Insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. UMB Bank N A MO increased its holdings in shares of Okta by 24.0% during the first quarter. UMB Bank N A MO now owns 413 shares of the company’s stock worth $63,000 after purchasing an additional 80 shares during the period. Impax Asset Management Group plc increased its holdings in shares of Okta by 0.8% during the fourth quarter. Impax Asset Management Group plc now owns 9,769 shares of the company’s stock worth $2,189,000 after purchasing an additional 82 shares during the period. Coastal Bridge Advisors LLC increased its holdings in shares of Okta by 1.6% during the fourth quarter. Coastal Bridge Advisors LLC now owns 5,582 shares of the company’s stock worth $1,251,000 after purchasing an additional 90 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Okta by 1.3% during the first quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock worth $1,144,000 after purchasing an additional 100 shares during the period. Finally, Synovus Financial Corp increased its holdings in shares of Okta by 1.5% during the second quarter. Synovus Financial Corp now owns 6,978 shares of the company’s stock worth $631,000 after purchasing an additional 103 shares during the period. 75.47% of the stock is owned by institutional investors.

Okta Company Profile

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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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