Okta (NASDAQ:OKTA) Receives “Hold” Rating from Truist Financial

Okta (NASDAQ:OKTA)‘s stock had its “hold” rating reiterated by analysts at Truist Financial in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $95.00 price objective on the stock, down from their previous price objective of $105.00. Truist Financial’s price target points to a potential upside of 20.67% from the stock’s current price.

A number of other brokerages have also commented on OKTA. Piper Sandler cut their price objective on shares of Okta from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and cut their price target for the stock from $135.00 to $75.00 in a research report on Thursday. Robert W. Baird decreased their price objective on Okta from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Thursday. JPMorgan Chase & Co. dropped their target price on Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Mizuho raised their price target on Okta from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Friday, May 17th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $104.81.

Okta Stock Performance

Shares of Okta stock 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 firm has a market cap of $13.24 billion, a price-to-earnings ratio of -47.14 and a beta of 1.03. The stock’s 50-day moving average is $93.07 and its 200-day moving average is $95.38. Okta has a one year low of $65.04 and a one year high of $114.50.

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

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,795 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 27,014 shares in the company, valued at approximately $2,485,828.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Jacques Frederic Kerrest sold 26,618 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total value of $2,669,519.22. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,795 shares of the business’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 completion of the transaction, the insider now directly owns 27,014 shares of the company’s stock, valued at approximately $2,485,828.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 365,051 shares of company stock valued at $34,411,773. 7.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Okta

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Okta by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after purchasing an additional 438,496 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Okta by 19.5% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock valued at $308,000 after buying an additional 556 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in Okta by 282.5% in the first quarter. Los Angeles Capital Management LLC now owns 248,658 shares of the company’s stock valued at $26,015,000 after buying an additional 183,643 shares in the last quarter. Principal Financial Group Inc. grew its position in Okta by 28.6% in the first quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock valued at $1,375,000 after acquiring an additional 2,925 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in Okta by 639.6% during the first quarter. SG Americas Securities LLC now owns 70,895 shares of the company’s stock worth $7,417,000 after acquiring an additional 61,309 shares in the last quarter. 86.64% of the stock is owned by 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.