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

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

Several other research analysts also recently commented on the company. Jefferies Financial Group decreased their price objective on Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, September 24th. UBS Group decreased their price objective on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Truist Financial reduced their price target on Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday. Finally, DA Davidson reduced their price target on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. 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 company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $99.38.

Okta Trading Up 0.5 %

Shares of OKTA stock opened at $74.82 on Thursday. The firm has a market cap of $12.59 billion, a P/E ratio of -44.80, a price-to-earnings-growth ratio of 18.05 and a beta of 1.02. The business has a 50-day moving average price of $80.44 and a two-hundred day moving average price of $89.20. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 12-month low of $65.04 and a 12-month high of $114.50.

Okta (NASDAQ:OKTA) last released 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. The firm had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Equities analysts anticipate that Okta will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of Okta 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 transaction, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Okta news, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction on Monday, October 14th. The stock was 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 owns 14,601 shares in the company, valued at approximately $1,133,475.63. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of the business’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 completion of the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 251,260 shares of company stock worth $19,004,347. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OKTA. Fisher Asset Management LLC purchased a new position in shares of Okta in the fourth quarter worth $296,000. 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. B. Riley Wealth Advisors Inc. raised its stake in shares of Okta by 19.5% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock worth $308,000 after purchasing an additional 556 shares during the last quarter. Banque Cantonale Vaudoise raised its stake in shares of 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 purchasing an additional 122 shares during the last quarter. Finally, City State Bank raised its stake in shares of Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares during the last quarter. Hedge funds and other 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.