Robert W. Baird Lowers Okta (NASDAQ:OKTA) Price Target to $95.00

Okta (NASDAQ:OKTA) had its target price cut by Robert W. Baird from $105.00 to $95.00 in a research report released on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Guggenheim restated a “buy” rating and set a $130.00 target price on shares of Okta in a research note on Tuesday, June 25th. The Goldman Sachs Group lowered their target price on shares of Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Mizuho lowered their target price on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday. Canaccord Genuity Group lowered their target price on shares of Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Friday. Finally, UBS Group lowered their target price 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. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Okta currently has an average rating of “Hold” and an average target price of $99.38.

Okta Trading Up 0.5 %

Shares of OKTA stock opened at $74.82 on Friday. Okta has a 1 year low of $65.04 and a 1 year 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 debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The company has a market cap of $12.59 billion, a price-to-earnings ratio of -44.80, a PEG ratio of 18.05 and a beta of 1.02.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. As a group, equities analysts predict that Okta will post 0.19 earnings per share for the current year.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction dated 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 directly owns 27,014 shares in the company, valued at approximately $2,485,828.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction dated 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 directly owns 27,014 shares in the company, valued at approximately $2,485,828.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 251,260 shares of company stock worth $19,004,347. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently added to or reduced their stakes in OKTA. Marshall Wace LLP grew its stake in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Eminence Capital LP boosted its stake 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 stake 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 purchasing an additional 214,302 shares in the last quarter. Truist Financial Corp boosted its stake in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares in the last quarter. Finally, Smith Group Asset Management LLC boosted its stake in shares of Okta by 3,522.7% during the first quarter. Smith Group Asset Management LLC now owns 205,407 shares of the company’s stock valued at $21,490,000 after purchasing an additional 199,737 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

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.