Barclays Lowers Okta (NASDAQ:OKTA) Price Target to $120.00

Okta (NASDAQ:OKTA) had its price target decreased by research analysts at Barclays from $135.00 to $120.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 12.54% from the company’s current price.

Other research analysts have also issued research reports about the company. Canaccord Genuity Group boosted their price target on Okta from $100.00 to $115.00 and gave the stock a “hold” rating in a research report on Wednesday. Morgan Stanley cut their price objective on Okta from $125.00 to $123.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Westpark Capital reaffirmed a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Wednesday. Guggenheim reaffirmed a “buy” rating and set a $140.00 target price (up from $130.00) on shares of Okta in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. boosted their target price on Okta from $120.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $121.59.

Okta Stock Performance

Okta stock opened at $106.63 on Wednesday. The company has a market cap of $18.51 billion, a price-to-earnings ratio of -304.66, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 12 month low of $70.56 and a 12 month high of $127.57. The stock’s 50-day moving average is $109.53 and its 200-day moving average is $96.67.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.09. The company had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. Okta’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 EPS. Equities analysts anticipate that Okta will post 0.42 earnings per share for the current year.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $2,524,241.25. This trade represents a 34.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares in the company, valued at $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 154,452 shares of company stock valued at $16,347,360. Corporate insiders own 5.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. GK Wealth Management LLC boosted its position in Okta by 13.5% in the 1st quarter. GK Wealth Management LLC now owns 3,837 shares of the company’s stock valued at $404,000 after buying an additional 457 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Okta by 27.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 13,314 shares of the company’s stock worth $1,401,000 after purchasing an additional 2,848 shares during the last quarter. Focus Partners Wealth boosted its position in shares of Okta by 3.5% in the 1st quarter. Focus Partners Wealth now owns 114,480 shares of the company’s stock worth $12,046,000 after purchasing an additional 3,857 shares during the last quarter. Bayforest Capital Ltd bought a new position in shares of Okta in the 1st quarter worth $374,000. Finally, SCS Capital Management LLC bought a new position in shares of Okta in the 1st quarter worth $1,266,000. 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.