Okta (NASDAQ:OKTA) Price Target Cut to $105.00

Okta (NASDAQ:OKTA) had its price target cut by equities research analysts at Robert W. Baird from $108.00 to $105.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 33.37% from the company’s current price.

OKTA has been the topic of several other research reports. Guggenheim reaffirmed a “buy” rating and set a $130.00 price target on shares of Okta in a research report on Tuesday, June 25th. Susquehanna reduced their price target on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. Mizuho lifted their price target on shares of Okta from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Friday, May 17th. JPMorgan Chase & Co. lifted their price target on shares of Okta from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Finally, Westpark Capital reaffirmed a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $104.81.

Okta Trading Down 1.0 %

OKTA opened at $78.73 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.73 and a quick ratio of 1.73. The company’s 50 day simple moving average is $93.07 and its two-hundred day simple moving average is $95.38. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The firm has a market capitalization of $13.24 billion, a price-to-earnings ratio of -47.14 and a beta of 1.03.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.27. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The business had revenue of $617.00 million for the quarter, compared to analyst estimates of $604.33 million. Analysts expect that Okta will post -0.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the completion of the transaction, the insider now owns 27,014 shares in the company, valued at $2,485,828.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the completion of the transaction, the insider now owns 27,014 shares in the company, valued at $2,485,828.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 18,878 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $87.19, for a total transaction of $1,645,972.82. The disclosure for this sale can be found here. Insiders sold a total of 365,051 shares of company stock worth $34,411,773 over the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently modified their holdings of OKTA. City State Bank grew its stake in shares of Okta by 160.0% during the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares in the last quarter. GAMMA Investing LLC acquired a new position in Okta in the fourth quarter valued at $29,000. EverSource Wealth Advisors LLC boosted its stake in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Okta by 50.4% in the first quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock valued at $41,000 after acquiring an additional 131 shares in the last quarter. Finally, First Command Advisory Services Inc. acquired a new position in Okta in the second quarter valued at $47,000. 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.