Okta (NASDAQ:OKTA) Given New $80.00 Price Target at Truist Financial

Okta (NASDAQ:OKTA) had its price target trimmed by Truist Financial from $95.00 to $80.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other research analysts have also recently issued reports on the company. Scotiabank dropped their price objective on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 29th. Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. Royal Bank of Canada decreased their price objective on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday. Westpark Capital reiterated a “buy” rating and set a $140.00 target price on shares of Okta in a report on Thursday, August 29th. Finally, Susquehanna reduced their price target on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $99.38.

Okta Stock Up 0.5 %

Shares of OKTA opened at $74.82 on Thursday. The firm has a market capitalization of $12.59 billion, a P/E ratio of -44.80, a P/E/G ratio of 18.05 and a beta of 1.02. Okta has a 12-month low of $65.04 and a 12-month high of $114.50. The firm has a fifty day moving average price of $80.44 and a 200-day moving average price of $89.20. 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 (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Equities research analysts expect that Okta will post 0.19 earnings per share for the current year.

Insider Transactions at Okta

In related news, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other 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 value of $257,195.90. Following the sale, the insider now directly owns 27,014 shares of the company’s stock, valued at $2,485,828.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the sale, the chief executive officer now owns 8,495 shares in the company, valued at $638,908.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 251,260 shares of company stock worth $19,004,347. Company insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds have recently added to or reduced their stakes in the business. City State Bank lifted its holdings in shares of 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. EverSource Wealth Advisors LLC grew its stake 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. Future Financial Wealth Managment LLC purchased a new position in shares of Okta during the 3rd quarter valued at approximately $26,000. Blue Trust Inc. lifted its stake in shares of 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 purchasing an additional 191 shares during the period. Finally, First Command Advisory Services Inc. purchased a new stake in Okta during the second quarter worth $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.