JPMorgan Chase & Co. Cuts Okta (NASDAQ:OKTA) Price Target to $85.00

Okta (NASDAQ:OKTA) had its target price trimmed by JPMorgan Chase & Co. from $105.00 to $85.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities analysts also recently issued reports on OKTA. Morgan Stanley cut their price objective on Okta from $100.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company reduced their target price on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 17th. Needham & Company LLC assumed coverage on shares of Okta in a report on Thursday, October 17th. They issued a “buy” rating and a $100.00 price target for the company. BMO Capital Markets upped their price objective on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 29th. Finally, UBS Group decreased their price objective on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Okta currently has a consensus rating of “Hold” and an average price target of $98.45.

Okta Trading Up 1.5 %

Shares of Okta stock opened at $77.56 on Friday. The stock has a market capitalization of $13.17 billion, a P/E ratio of -92.33, a price-to-earnings-growth ratio of 18.99 and a beta of 1.02. Okta has a 12-month low of $66.69 and a 12-month high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The company has a 50-day simple moving average of $74.94 and a 200 day simple moving average of $84.67.

Insider Activity

In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the sale, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock worth $35,701,361 in the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Caprock Group LLC lifted its position in Okta by 4.7% during the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after buying an additional 129 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of Okta by 11.0% in the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock valued at $124,000 after purchasing an additional 130 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings 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 buying an additional 142 shares during the period. CWM LLC raised its holdings in Okta by 5.3% in the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after acquiring an additional 147 shares during the period. Finally, Bleakley Financial Group LLC grew its position in shares of Okta by 4.6% in the third quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock valued at $306,000 after purchasing an additional 182 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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.