Morgan Stanley Has Lowered Expectations for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price target decreased by analysts at Morgan Stanley from $100.00 to $92.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 25.63% from the company’s previous close.

Several other research analysts have also commented on the company. Piper Sandler cut their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Citigroup cut their target price on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. BTIG Research cut their target price on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. BMO Capital Markets upped their target price on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. Finally, Jefferies Financial Group cut their target price on Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Okta has a consensus rating of “Hold” and a consensus target price of $99.39.

Okta Stock Up 1.9 %

Shares of NASDAQ OKTA opened at $73.23 on Monday. Okta has a 12 month low of $65.04 and a 12 month high of $114.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $12.44 billion, a price-to-earnings ratio of -87.18, a PEG ratio of 16.64 and a beta of 1.01. The business has a 50-day moving average of $75.79 and a 200-day moving average of $87.35.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping the consensus estimate 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 company had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Sell-side analysts expect that Okta will post 0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction 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 sale, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 475,793 shares of company stock worth $35,759,000. 7.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OKTA. Future Financial Wealth Managment LLC purchased a new position in Okta in the third quarter worth about $26,000. Blue Trust Inc. boosted its position in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Okta by 71.4% in the first 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 last quarter. First Command Advisory Services Inc. purchased a new position in Okta in the second quarter worth about $47,000. Finally, nVerses Capital LLC purchased a new position in Okta in the second quarter worth about $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.