Okta (NASDAQ:OKTA) PT Lowered to $101.00 at Royal Bank of Canada

Okta (NASDAQ:OKTA) had its target price reduced by Royal Bank of Canada from $125.00 to $101.00 in a report published on Thursday morning, MarketBeat.com reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other equities analysts have also commented on the company. The Goldman Sachs Group reduced their price objective on Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Needham & Company LLC initiated coverage on shares of Okta in a research report on Thursday. They set a “buy” rating and a $100.00 price target on the stock. UBS Group decreased their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. JPMorgan Chase & Co. cut their price objective on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Finally, BMO Capital Markets lifted their target price on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $99.38.

Okta Trading Up 0.5 %

Shares of OKTA opened at $74.82 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 capitalization of $12.71 billion, a P/E ratio of -89.07, a P/E/G ratio of 18.05 and a beta of 1.02. The firm’s 50 day simple moving average is $80.44 and its 200 day simple moving average is $89.20.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Sell-side analysts forecast that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Todd Mckinnon sold 92,729 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $94.92, for a total value of $8,801,836.68. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Todd Mckinnon sold 92,729 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $94.92, for a total value of $8,801,836.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,797 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $217,131.11. Following the transaction, the insider now owns 24,916 shares of the company’s stock, valued at $1,934,229.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 343,989 shares of company stock worth $27,806,184. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently made changes to their positions in the company. Marshall Wace LLP lifted its position in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Okta by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after purchasing an additional 438,496 shares during the last quarter. Eminence Capital LP lifted its holdings in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after purchasing an additional 305,381 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Okta by 49.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 645,448 shares of the company’s stock valued at $67,527,000 after buying an additional 214,302 shares during the last quarter. Finally, Truist Financial Corp increased its holdings in Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after buying an additional 200,770 shares in the last quarter. Hedge funds and other institutional investors 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.