Okta (NASDAQ:OKTA) Price Target Cut to $92.00 by Analysts at Mizuho

Okta (NASDAQ:OKTA) had its price objective decreased by Mizuho from $104.00 to $92.00 in a research report sent to investors on Thursday morning, Benzinga reports. Mizuho currently has a neutral rating on the stock.

Several other brokerages also recently issued reports on OKTA. Needham & Company LLC initiated coverage on Okta in a report on Thursday. They issued a “buy” rating and a $100.00 price target on the stock. Canaccord Genuity Group lowered their price target on Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Thursday, August 29th. DA Davidson decreased their target price on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Bank of America cut Okta from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. Finally, The Goldman Sachs Group decreased their target price on Okta from $130.00 to $113.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One investment 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $100.00.

Okta Stock Down 1.7 %

Okta stock opened at $74.45 on Thursday. 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 has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a market cap of $12.52 billion, a PE ratio of -44.58, a price-to-earnings-growth ratio of 26.91 and a beta of 1.02. The stock’s 50 day moving average price is $80.75 and its 200 day moving average price is $89.49.

Okta (NASDAQ:OKTA) last posted its earnings results 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. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. On average, sell-side analysts predict that Okta will post 0.12 EPS for the current fiscal year.

Insider Activity

In related news, insider Larissa Schwartz sold 2,795 shares of the company’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 approximately $2,485,828.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Larissa Schwartz sold 2,795 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the sale, the insider now directly owns 27,014 shares in the company, valued at approximately $2,485,828.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 343,989 shares of company stock valued at $27,806,184 over the last three months. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Large investors have recently made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new stake in shares of Okta during the third quarter worth $26,000. City State Bank grew its holdings in Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after buying an additional 160 shares during the period. Blue Trust Inc. grew its holdings in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Okta by 71.4% during 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 period. Finally, First Command Advisory Services Inc. purchased a new stake in shares of Okta during the 2nd quarter worth about $47,000. 86.64% of the stock is currently owned by hedge funds and other 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.