Okta (NASDAQ:OKTA) Price Target Lowered to $80.00 at Wells Fargo & Company

Okta (NASDAQ:OKTA) had its price target cut by Wells Fargo & Company from $90.00 to $80.00 in a report published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also issued reports about the stock. Canaccord Genuity Group reduced their price target on shares of Okta from $95.00 to $90.00 and set a “hold” rating for the company in a research report on Thursday, August 29th. BMO Capital Markets lifted their price target on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Scotiabank decreased their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Stifel Nicolaus dropped their target price on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, Susquehanna decreased their price target on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $100.00.

Okta Stock Down 1.7 %

Okta stock opened at $74.45 on Thursday. The firm has a 50 day simple moving average of $80.75 and a 200 day simple moving average of $89.49. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The firm has a market capitalization of $12.52 billion, a price-to-earnings ratio of -44.58, a P/E/G ratio of 26.91 and a beta of 1.02.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. On average, analysts predict that Okta will post 0.12 earnings per share for the current year.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the transaction, the executive now directly owns 14,601 shares in the company, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 343,989 shares of company stock valued at $27,806,184. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Hedge funds have recently bought and sold shares of the company. Banque Cantonale Vaudoise raised its holdings in Okta by 4.3% in the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock worth $307,000 after buying an additional 122 shares during the last quarter. Caprock Group LLC raised its stake in shares of Okta by 4.7% in the second quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after purchasing an additional 129 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Okta by 11.0% during the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock valued at $124,000 after purchasing an additional 130 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Okta by 5.3% during the second quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after buying an additional 147 shares during the last quarter. 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.